Blockchain to replace double entry accounting

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Changing that data can cause is yet to find its.

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Triple-Entry Accounting
Under the double-entry accounting, required by GAAP, every transaction has two equal and opposite entries, impacting different accounts, so all. The blockchain is a new financial infrastructure that is likely to change some best practices in the financial sector, let's look better into it. Double-entry bookkeeping means every entry to an account requires a corresponding and opposite entry to a different account. Triple entry adds a third layer or.

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There are many blockchain applications and start-ups in this field, but there are very few that are beyond the proof of concept or pilot study stage. Blockchain and the future of accountancy Tech Faculty's report on Blockchain describes the technology and its likely impact on business, in particular on the accounting profession. As mentioned, triple-entry accounting will do away with double entry.