Triple Entry Accounting: The Future Of Accounting with Blockchain
Bookkeeping and accounting are an integral part of any business and household; it has been the same for centuries; bookkeeping is basically the process of recording transactional and other financial records, including billables, source documents, etc. Blockchain is revolutionizing many fields, including gaming, finance, and essentially the whole internet. Bookkeeping is no different; blockchain technology has provided solutions to many problems that the current bookkeeping system or the Double Entry accounting system faces.But to comprehensively understand the new triple entry accounting system, let us briefly look at the history of bookkeeping and accounting.
Single Entry Accounting This system was mainly used since 5000 BC and became obsolete by around 1400 BC when Double Entry Accounting was introduced. However, evidence suggests that around 4 to 5 thousand years ago, during the Mesepotinian era, complex accounting of property purchases was inscribed on tablets.