Triple entry accounting is a revolutionary approach to traditional financial record-keeping that utilises blockchain technology to create a tamper-evident, decentralised ledger of transactions. This innovative system provides a new level of transparency and security to the accounting process, as it allows for the simultaneous recording of transactions in three separate locations: the sender’s ledger, the receiver’s ledger, and a public ledger.
This ensures that all transactions are accurately recorded and verified, providing a more reliable and trustworthy record of financial activity. Triple Entry provides even more reliability than both single and double entry accounting methods do. This is by providing more reliable methods for financial accounting. Triple Entry system is the way forward to revolutionise the way companies track their finances in the near future. This is with the ability of its increased security measures. One can understand why it might become the preferred means of financial tracking for business over the present double entry booking.
Background: sometime around the start of this millennium, Triple Entry Accounting has spawned a multitude of innovations, investigations and experiments, chief of which is Bitcoin. The extent and tempo of this work is increasing in academia, business and the accounting profession. Until now there has not been a regular public forum for this topic and this event intends to remedy that lack; the event hopes to provide a platform for bringing sharper focus and cohesion to the allied projects and to illuminate fruitful avenues of further research and development work.
Triple Entry Accounting is a multidisciplinary field. It has been made possible by two key innovations found primarily in the last century: the public, open network of the Internet, and open cryptography. As well as providing a new way to account for value in the traditional accounting sense, it has implications for a wide range of industries such as supply chain, trade fiance, computer security, regulation, evidence and fraud, statistics and AI, auditing, and public and private revenues.