Our last few articles have shed light on real-world use cases for blockchain technology. Today, we will be looking at an article that discusses how the blockchain will change the way we account for things. Double entry accounting has been the standard for almost 500 years, but even this pillar of bookkeeping is not safe from the disruptive power of the blockchain.
Triple entry accounting is an evolution of our current double entry standard. The difference being that along with the corresponding debit and credit for a transaction, a third entry is added to the blockchain to validate the other two entries. With this addition, every transaction is effectively recorded in three places. Since the entries are distributed and cryptographically sealed on the blockchain, falsifying or destroying them to hide malicious activity is nearly impossible.
This article goes into detail on how this evolution in accounting is here to stay and how it will be affecting many aspects of our lives in the coming years.