Triple Entry Accounting

Ian Grigg ()
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Ian Grigg: Peer For Peer Foundation, Anguilla

JRFM, 2024, vol. 17, issue 2, 1-12

Abstract: Classical double entry accounting has provided the foundation for accounting within the firm for many centuries. The digitally signed receipt, an innovation from financial cryptography, gives rise to exactly duplicated entries for each of 3 parties or roles, the outcome of which we call triple entry accounting. This presents a challenge to double entry bookkeeping by expanding the use of accounting from inside firms to activity between the firms. When applied to digital cash and digital assets, the approach of negotiating a single signed receipt between parties lowers costs by delivering reliable data to support stronger accounting, and makes much stronger governance possible in a way that positively impacts on the future needs of corporate and public accounting. By turning the opinions of firm owners into facts agreed between firms, triple entry bookkeeping creates the bulletproof accounting layer to support aggressive uses and adversarial users such as are found in the Bitcoin system of transactions.

Keywords: triple entry accounting; double entry accounting; Bitcoin; blockchain; triple entry bookkeeping (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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