“How blockchain technology combined with new age accounting mechanism of triple entry bookkeeping can proactively prevent Financial frauds”

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Technology for governance — boon or bane

For the last four decades, there has been a rise in the usage of technology to improve governance. To quote Honorable Prime Minister of India Shri Narendra Modi‘s words, “use of technology in the administration process reduces corruption and increases efficiency”.[As reported by PTI, Honourable Prime Minister Modi said “Technology transforms people’s lives. From mitigating poverty to simplifying processes, ending corruption to providing better services, Technology is omnipresent. It has become the single-most important instrument of human progress.” …


Overview

Currently global accounting practices/accounting standards and related technology solutions are built on top of a fundamental accounting principle known as double-entry bookkeeping. In the double-entry accounting system, at least two accounting entries are required to record each financial transaction.

In recent times, I believe that the limitations of these principles have led to rise in frauds and increasing dependency on the auditors to establish the accuracy of the entries. …

About

Spathion

Blockchain based e-invoicing platform service provider www.spathion.com

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