Triple-entry Accounting, Blockchain and Next of Kin: Towards a Standardisation of Ledger Terminology
This work aims to improve understanding and reduce confusion for researchers and practitioners working with triple-entry accounting and blockchain technologies by standardizing terminology.
This paper addresses the lack of consistent terminology in triple-entry accounting (TEA) within the blockchain domain. It proposes a standardized set of terms to clarify the concepts and relationships between TEA, blockchain, and related ledger technologies.
Triple-entry accounting (TEA) is simultaneously a novel application in the blockchain universe and one of the many concepts applied in blockchain technology. Its Wild Wild West status is accompanied by a lack of consistent and comprehensive set of categories, a state of play that impedes a proper apprehension of the technology, leading to contradictions and oversight of important nuances. To clearly delineate the confines of TEA within the world of blockchain, we provide building blocks to standardise its terminology. Particularly, we distinguish between essential elements such as accounting and bookkeeping, as well as between decentralised systems, distributed ledgers and distributed journals.