Providing Visibility to Recording of Related Transactions Using Blockchain Technology by Shifting from Double Entry to Triple Entry

Authors

  • Hari Krishna Karri Assistant Professor, University of Technology and Applied Sciences, Muscat
  • Lina George Assistant Professor, University of Technology and Applied Sciences, Muscat

DOI:

https://doi.org/10.33516/maj.v56i11.35-41p

Keywords:

No Keywords.

Abstract

Blockchain is a decentralized digital ledger on which transactions can be recorded chronologically that cannot be altered or destroyed and can be viewed by all the participants in the network. This technology seeks to improve the accounting functions by lowering the overheads of maintaining and reconciling ledgers and offering complete transparency into asset ownership and history. This article provides an insight about the concept of blockchain technology, its framework and application in different fields. It focuses on the principle of triple entry system used in blockchain accounting and explores the prospects and challenges of shifting to blockchain accounting.

Downloads

Download data is not yet available.

Downloads

Published

2021-11-30

How to Cite

Karri, H. K., & George, L. (2021). Providing Visibility to Recording of Related Transactions Using Blockchain Technology by Shifting from Double Entry to Triple Entry. The Management Accountant Journal, 56(11), 35–41. https://doi.org/10.33516/maj.v56i11.35-41p

Issue

Volume 56, Issue 11, November 2021

Section

Cover Story
Crossref
Scopus
Google Scholar
Europe PMC

References

Byström, H. (2016), Blockchains, Real-Time Accounting and the Future of Credit Risk Modeling, Working Paper/Department of Economics, School of Economics and Management, Lund University, (4), pp. 1-11.

Casino, F., Dasaklis, T. K., and Patsakis, C. (2018). A systematic literature review of blockchain-based applications: current status, classification and open issues. Telemat. Informat. 36, 55–81. doi: 10.1016/j.tele.2018.11.006

Cynthia Weiyi Cai (2019) “Triple entry accounting with blockchain: How far we have come†JEL Classification: M40doi: 10.1111/ acfi.12405

Dai, J, & Vasarhelyi, M., 2017. Toward Blockchain based Accounting and Assurance, Journal of Information Systems, 31, 3, pp. 5-21, Business Source Complete, EBSCOhost.

Febrero, P., & Febrero, P. (2019, June 12). Blockchain 101: From Whiteboard Theory to Real-Life Applications. Retrieved from https:// www.ccn.com/blockchain/

Hambiralovic, M.& Karlsson, R. (2018). Blockchain Accounting in a Triple-Entry Systemhttp://lup.lub.lu.se/luur/download?func=downloadFile&recordOId=8953732&fileOId=8953736 (Acces-sed:06.01.2019) (17) (PDF) Effects of Blockchain Technology on Accounting and Auditing Profession.

Kaaniche, N., Laurent, M.: A blockchain-based data usage auditing architecture with enhanced privacy and availability to cite this version Availability. In: 2017 IEEE 16th International Symposium on IEEE Network Computing and Applications (NCA), pp.1–5(2018)

Kokina, Julia ; Mancha, Ruben ; Pachamanova, Dessislava A. (2017), “ Blockchain: emergent industry adoption and implications for accounting†Journal of Emerging Technologies in Accounting ISSN 1554-1908, ZDB-ID 2416623-6. – Vol. 14.2017, 2, p. 91-100.

Mustafa K, (2019) “The effects of blockchain Technology on Accounting and Auditing Profession†Economic and Business issues in Retrospect and Prospect, 1st edition pg 395-405

Neeraj Kumar; Mamoun Alazab “Blockchain for Industry 4.0: A Comprehensive Review†IEEE Access, Volume 8, 2020

Nicolai Andersen, “Blockchain Technology A game-changer in accounting?†www.deloitte.com/de/blockchain

Nixon, R. (2016), 3 Trends Happening now that will impact the future of Accounting, https://www.ac-countingweb.com/technology/ trends/3-trends-happening-now-that-will-impact the future of accounting(Accessed:2.9.2021) (17) (PDF) Effects of Blockchain Technology on Accounting and Auditing Profession. Available from:https:/www.researchgate.net/publication/347891835_Effectsof_ Blockchain_Technology_onAccounting_and_Auditing_Profession [accessed Sep 02 2021].

Ovunda, A.S, (2015) “Luca Pacioli’s Double-Entry System of Accounting: A Critiqueâ€, Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.6, No.18.

Özdoğan, B. & Kargın, S. (2018), Blok Zinciri Teknolojisinin Muhasebe Ve Finans Alanlarına Yönelik Yansıma-ları Ve Beklentiler, Muhasebe ve Finansman Dergisi, Ekim (80), 161-175.

Paritosh Basu, “Blockchain Technology – The Powerhouse for Industryâ€, The Management Accountant, Volume 53, No. 6, June 2018.

Pedro Febreo, 9 2018) “Blockchain101: From whiteboard theory to real life applications†assessed from https://www.ccn.com/blockchain/

Seebacher, S. and SchüRitz, R. (2017), “Blockchain technology as an enabler of service systems: a structured literature reviewâ€, Lecture Notes in Business Information Processing Exploring Services Science, pp. 12-23.

Singer, M. and Kusz, G (2021), “Blockchain Technology: Shaping the future of the Accountancy Professionâ€

Suraj Kumar Pradhan, “Blockchain: Concept and Practical Applicationâ€, The Management Accountant, Volume 53, No. 6, June 2018.

Swapan Sarkar, “Blockchain Accounting the Disruption Aheadâ€, The Management Accountant, Volume 53, No. 6, June 2018

Yli-Huumo J, Ko D, Choi S, Park S, Smolander K (2016) Where Is Current Research on Blockchain Technology? A Systematic Review. PLoS ONE 11(10): e0163477. https://doi.org/10.1371/jounal.pone.0163477

Zheng, R. (2021) “Applications Research of Blockchain Technology in Accounting Systemâ€, Journal of Physics- Conference series doi:10.1088/1742-6596/1955/1/012068