Blockchain disrupts transactional accounting

This is why triple-entry accounting works well on blockchains – if something doesn’t add up between two books, there is the trusted third record on a ledger that has no possibility of downtime, fraud or third-party interference.

However, it is worth noting that if information is being entered from a source outside of the blockchain, one still has to trust the organization that is providing that information. For analytical reviews, though, relationships among accounts/material changes are easy to quantify due to the systems transparency, thus reducing the effort and cost required.

via Euromoney magazine #blockchain



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s