Blockchain Technology and Future of Triple Entry Accounting (TEA) System

Abstract

This research utilizes a single descriptive technique to analyze and compare the perspectives of various scholars on triple-entry accounting (TEA). The rise of blockchain technology has undoubtedly spurred discussions on the potential merits of transitioning to TEA. While TEA itself hasn't been widely adopted, there's a growing debate regarding the value of such alternative accounting methods. Implementing TEA presents challenges, but exploring its potential offers significant knowledge advancement. Considering these factors, the study examines three emerging accounting scenarios: (i) Robust accounting software built on double-entry accounting (DEA), (ii) the convergence of blockchain and TEA, and (iii) the impact of disruptive technologies beyond blockchain and TEA. Finally, the research proposes a basic design for a hypothetical TEA information system, facilitating real-time organizational activity comprehension. To conclude, the study establishes a trending cycle for financial reporting technologies, empowering global organizations to select the most relevant financial statement preparation technologies.