Triple entry accounting system: A revolution with blockchain

“… bookkeeping is not just about keeping books or recording profits and losses. It’s about the business’s own narrative. That narrative maintains the integrity of the business itself and its connection to the world.” -Dan Palanza

Historical Background of Bookkeeping

Bookkeeping or accounting has its roots in ancient civilizations, some as old as 5000 years ago and therefore, we have evidence of Single-Entry Accounting even during the Mesopotamian era.

Single-Entry Accounting, on the one hand, was a simple, easy to maintain the system as it was a one-sided accounting system but on the other, it was impossible to authenticate or examine its accountability. Thus, with time, the man realized that the procedure of accounting needed more transparency and accountability and should be able to answer questions like:

● Who paid what?

● Who owes how much?

● Which debts are unpaid?

● Why is money missing?

● Where did we lose money?

● Which deal gave the best profit?

Dawn of Double-Entry Accounting

“Difficulty, efficiency, and originality are considered to be the three ingredients of intellectual…