ADALYA JOURNAL ISSN NO: 1301-2746

THE BLOCKCHAIN TECHNOLOGY AND

MODERN LEDGERS THROUGH BLOCKCHAIN
ACCOUNTING
Dr.C.Vijai1 , Mr. M. Elayaraja2 , Mrs.S.M.Suriyalakshmi3 , Mrs.D.Joyce4

1 Assistant Professor, Department of Commerce, St.Peter’s Institute of Higher Education and

Research, Tamil Nadu, India, ORCID: 0000-0003-0041-7466, vijaialvar@gmail.com

2.Assistant Professor, Department of Commerce, St.Peter’s Institute of Higher Education and

Research, Tamil Nadu, India, elaya2015raj@gmail.com.

3.Assistant Professor, Department of Commerce, St.Peter’s Institute of Higher Education and

Research, Tamil Nadu, India,suriyalaksmi.sm@gmail.com

4 .Assistant Professor, Department of Commerce, St.Peter’s Institute of Higher Education and

Research, Tamil Nadu, India, djjoycedaniel23@gmail.com

,
ABSTRACT
.
Blockchain is one of the emerging technology in global. Blockchain is fundamentally an
accounting and finance technology. In this paper, we discuss Blockchain technology in
accounting and Distributed ledger technology (DLT), Triple-Entry Accounting and the Benefits
of Blockchain-based accounting, a negative impact on Blockchain-based accounting. The focus
on this paper is to explain an overview of the current Blockchain market size, leading countries
in Blockchain technology, major companies using Blockchain Technology, Blockchain
formation, types of Blockchain, and core components of Blockchain.

Keywords: Blockchain technology, Blockchain Accounting, Distributed ledger technology

(DLT), Blockchain technology in India, crypto currencies, Triple-Entry Accounting,

JEL classification: M15, M41, O14, O33, O55

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Introduction

Blockchain technology is the new-age, disruptive digital technology that is bringing

paradigm shift in business models across sectors world over (Bhattacharyya Dhiman 2019) The
21st century is all about technology. With the increasing need for modernization in our day-to-
day lives, people are open to accepting new technologies.(Blockchain Technology Explained)
Blockchain technology enables distributed public ledgers that hold immutable data in a secure
and encrypted way and ensure that transactions can never be altered. While Bitcoin and other
crypto currencies are the most popular examples of blockchain usage, this “distributed ledger
technology” (DLT) is finding a broad range of uses. Data storage, financial transactions, real
estate, asset management and many more uses are being explored.(Internet Society) Blockchain-
based applications are springing up, covering numerous fields including financial services,
reputation system and Internet of Things(Zheng, Zibin, et al. 2017)

The technology works as an electronic transaction-processing and record-keeping system. This

allows various participants that are connected to the network, usually public, to track information
through a secure network, thereby eliminating the need for any kind of third-party verification.
(Reportlinker 2019)

THE HISTORY OF BLOCKCHAIN TECHNOLOGY

Blockchain technology has to be one of the biggest innovations of the 21stcentury given the
ripple effect it is having on various sectors, from financial to manufacturing as well as education.
Unknown to many, is that Blockchain history dates back to the early 1990’s.

1. HISTORY OF BLOCKCHAIN TECHNOLOGY

Source: https://101blockchains.com/history-of-blockchain-timeline/

THE GLOBAL BLOCKCHAIN TECHNOLOGY

Forecasts suggest that global blockchain technology revenues will experience massive growth in
the coming years, with the market expected to climb to over 23.3 billion U.S. dollars in size by
2023. The financial sector has been one of the quickest to invest in blockchain, with over 60

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percent of the technology’s market value concentrated in this field (Liu, S. 2019) Blockchain is
the underlying technology that originated in the form of a public ledger to keep a track of all
crypto currency transactions. The technology works as an electronic transaction-processing and
record-keeping system. This allows various participants that are connected to the network,
usually public, to track information through a secure network, thereby eliminating the need for
any kind of third-party verification (Reportlinker)

TOP 10 COUNTRIES LEADING BLOCKCHAIN TECHNOLOGY IN THE WORLD

The monetary system of our world has constantly been subjected to change. Starting from
the ancient barter system to cashless payment systems, the financial system has undergone
advanced modifications. Currently, there is a very new alternative system of blockchain
technology which has now reached its peak with many countries introducing it into their
payment systems, investing in them, and putting it to a practical test by embracing this
technology for the secure functioning of their businesses. (Sharma, T. K.) 1. Australia2.
China3. Japan4. United Arab Emirates (Dubai) 5. Malta6. Switzerland7. USA 8. Estonia
9. United Kingdom and 10. Singapore.

TOP MAJOR COMPANIES USING BLOCKCHAIN TECHNOLOGY

Since the introduction of the blockchain in 2008, this emerging innovative technology has
already conquered a number of industries worldwide. Security, transparency, cost and time-
efficiency is just some of the blockchain’s benefits companies take advantage of. Increasingly
these days, more and more large corporations are implementing blockchain, transforming and
improving their operations dramatically. Let’s take a look at some of the biggest.(Yafimava, D.
2018)
1. Industrial and Commercial Bank of China
2. China Construction Bank Corporation
3. J.P. Morgan Chase
4. Berkshire Hathaway
5. Agricultural Bank of China Limited
6. Apple
7. Microsoft
8. Alphabet (formerly Google)
9. Walmart
10. Daimler
11. U.S. Centers for Disease Control and Prevention

BLOCKCHAIN TECHNOLOGY IN INDIA

According to Blockchain Report 2019 by NASSCOM, the adoption of blockchain technology in

India is experiencing rapid growth and investments in blockchain-based projects have touched
over $20 billion across various industries (Singla 2019).The policy think tank of the Government
of India, NITI Aayog hosted an International Blockchain Congress in 2018 alongside the state

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governments of Telangana and Goa, bringing in ideas about blockchain adoption to India
(Blockchain Technology 2019)

The Indian government is working towards improving the blockchain adoption in India.
Ministry of Electronics and Information Technology (MeitY) has acknowledged the potential of
blockchain technology that blockchain is very important for development of the shared
infrastructure. The ministry's work on the "National Level Blockchain Framework" will help in
further strengthening the reach of this technology (Tech Gig 2019)

What is Blockchain?

The blockchain is a chain of blocks which contain specific information (database), but in a
secure and genuine way that is grouped together in a network (peer-to-peer). In other words,
blockchain is a combination of computers linked to each other instead of a central server,
meaning that the whole network is decentralized.To make it even simpler, the blockchain
concept can be compared to working on the same Google Doc simultaneously (MLSDev 2019).

In the simplest of terms, blockchain technology is an immutable ledger that records transactions
into blocks. A collection of transactions forms a block and the interlinking of blocks forms a
blockchain. Once a transaction is placed in a block, the block cannot be reversed to change the
contents of a previous transaction—unless the security of the system is compromised. A user can
only append new details to a previous transaction—all previous transactions are still contained in
the ledger’s immutable history. Diagram 1 shows the contents of each block and how blocks are
interlinked to one another to form a chain. (Blockchain Technology 2019)

2. Blockchain Formation

Source: https://sci.smithandcrown.com/

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BLOCKCHAIN IS A DISTRIBUTED DATABASE AND DECENTRALIZED TECHNOLOGY

By definition, blockchains provide a basic level of decentralization because transactions are

recorded by all users on the blockchain network. Any changes to the transaction record must be
confirmed by the vast majority of blockchain users in order to be recognized as legitimate
(Publisher Distributed 2017)

3. DECENTRALIZED TECHNOLOGY

Source: https://elevate-org.com/

All the transactions are stored in blocks and data stored in blocks are not controlled and owned
by one company rather everyone in the network will have the copy of full data with encryption.
A Block gets added to Blockchain network for every valid transaction and all the block are
chained ( Murughan 2018)

THE DIFFERENT TYPES OF BLOCKCHAINS

There are three primary types of blockchains, which do not include traditional databases or
distributed ledger technology (DLT) that are often confused with blockchains (Dragonchain.
2019)

1. Public blockchains
2. Private blockchains
3. Consortium blockchain or Federated Blockchains

Public Blockchain
A public blockchain is permission less. Anyone can join the network and read, write, or
participate within the blockchain. A public blockchain is decentralized and does not have a
single entity which controls the network. Data on a public blockchain are secure as it is not

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possible to modify or alter data once they have been validated on the blockchain. Bitcoin and
Ethereum are well-known examples of a public blockchain.(Sharma, T. K. 1970)

Private Blockchain

Blockchains that are private or permissioned work similarly to public blockchains but with
access controls that restrict those that can join the network, meaning it operates like a centralised
database system of today that limits access to certain users. Private Blockchains have one or
multiple entities that control the network, leading to the reliance on third-parties to transact. A
well-known example would be Hyperledger (Sara A. Mohammed 2018)

Consortium blockchain

This blockchain structure can consist of a few organizations. In a consortium, procedures are set
up and controlled by the preliminary assigned users. (Anastasiia Lastovetska (2019)

The following table provides a detailed comparison among these three blockchain systems:

4. COMPARISON AMONG THESE THREE BLOCKCHAIN SYSTEMS

Source: https://enterprise-info.trimble.com/

CORE COMPONENTS OF BLOCKCHAIN (MLSDev 2019)

These are the core blockchain architecture components:

Node — user or computer within the blockchain

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Transaction — smallest building block of a blockchain system

Block — a data structure used for keeping a set of transactions which is distributed to all nodes
in the network
Chain — a sequence of blocks in a specific order
Miners — specific nodes which perform the block verification process
Consensus— a set of rules and arrangements to carry out blockchain operations

DOUBLE ENTRY BOOKKEEPING OR DOUBLE ENTRY ACCOUNTING (DEA)

Modern accounting originated about 500 years ago in 1494 by Luca Paciolo. Paciolo was a close
aide of Leonardo Da Vinci and a Franciscan by religious order. Paciolo developed an accounting
equation which in its simplicity means:

Assets = Liabilities + Equity

BLOCKCHAIN TECHNOLOGY IN ACCOUNTING

Blockchain is an indispensible ledger, a canonical source of truth. The traditional accounting

practice comprises of the financial records in private ledgers and relies on accountants to
reconcile them against those maintained by the third party counterparts. Blockchain is also
known as distributed ledger technology (DLT) which is, perhaps, the simplest definition of what
blockchain is. In conventional accounting, records are stored in a centralized location, be it a
collection of spreadsheet files or the database of an accounting software application
(https://igniteoutsourcing.com/2019) Blockchain is an accounting technology. It is concerned
with the transfer of ownership of assets, and maintaining a ledger of accurate financial
information. (ICAEW)

At first, let us have a look at the case of keeping immutable records. The regulatory
requirements for record keeping in Germany for example urge the proof of immutability over the
entire retention period. For paper receipts, the risk of unnoticed modification is seen as
comparably low, because of their physical nature. In contrast, electronic files cannot be
perceived physically and hence are especially vulnerable. As a consequence, digitalizing paper
records introduces the necessity for further preventive measures (Finance, D.)

EVOLUTION OF TRIPLE-ENTRY ACCOUNTING USING BLOCKCHAIN TECHNOLOGY

Triple-entry accounting is an enhancement to the traditional double-entry system, in which all

accounting entries involving outside parties are cryptographically sealed by a third entry. Debits,
credits, and an immutable link to all past debits and credits. (Febrero, P 2019) The idea of Triple-
entry accounting was first exploded in 1980s by Yuji Ijiri, but we missed it because it didn’t
materialize due to lack of maintenance, complex framework, usability and affordability. At a
high-level, triple-entry accounting is an alternative method of accounting in which a third
component is added after the global standard debit and credit (double-entry bookkeeping)
(Singh, R 2017)

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Triple Entry Accounting is a term for a new method of accounting, a change from Double Entry
Accounting that was proposed in the 1980’s. It was more recently popularized when Ian Grigg
associated it with blockchain technology. (Taylor, B.2017)

TRIPLE-ENTRY ACCOUNTING FEATURES: (Triple Entry Accounting, Febrero, P 2019)

 Tamper-Proof Record
 Permissioned Distributed Ledger - blockchain
 Double-Entry+Cryptography
 Validated, Secure & Private
 Digital Signed Receipts

Source: https://daostreet.com/

DOUBLE -ENTRY VS TRIPLE-ENTRY

Triple entry accounting (TEA) adds a public ledger to the existing private double entry
(debit/credit) ledgers. One party puts the invoice in the public ledger, and the other party
acknowledges it. Thanks to the immutability of a blockchain, it audits itself. It’s the first time in

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history that we can follow the money around the globe. Internal processes become more
efficient, opportunities for fraud are greatly reduced. (https://blog.pacio.io/blockchain)

What is distributed ledger technology?

A distributed ledger is a database of transactions that is shared and synchronised across multiple
computers and locations – without centralised control. Each party owns an identical copy of the
record, which is automatically updated as soon as any additions are made (Singh, R 2017)

Distributed ledger technology (DLT)

Distributed ledger technology (DLT) takes a different, more modern approach. Records are
entered, maintained, and stored in a distributed ledger which is made accessible to all the
relevant parties. Blockchain thus employs a triple-entry bookkeeping model.Typically, the
accountant, auditor, client, and the regulator will have an identical copy of the ledger at all times.
And the security is top-notch since blockchain technology utilizes private and public keys to
authenticate users.Today, blockchain is slowly paving its way into accounting and if fully
embraced, it has the potential to change accounting forever (Biliavska 2019).The blockchain will
allow auditors to verify a large number of data in a short period of time. The use of blockchain
technology can even considerably decline the cost and time that is necessary to conduct an audit
(The Future of Accounting Industry 2018).

4. BLOCKCHAIN TECHNOLOGY ACCOUNTING

Source: https://www.invoiceberry.com/

BENEFITS OF BLOCKCHAIN BASED ACCOUNTING (Singh, R 2017)

● Faster Processes – Record transaction in real time and between multiple parties can save
time and cost
● Security – A tamper-proof and incorruptible technology
● Transparency – example of SMEs to gain quicker access of funding and provide
financial information to lender
● Simplification in auditing – Quicker access for books with automated audit trail,
Reducing an audit’s time and cost
● Help to reduce internal fraud – income & expenses require an encrypted signature

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● Fewer Intermediaries – example of Debt can be more reliably traded as commodity in

an open exchange, without needing third party credit assessment.
● Restricting infinite copyrights security of digital artifacts
● Automation – Trusting relationships with financial and commercials partner

NEGATIVE IMPACT ON BLOCKCHAIN BASED ACCOUNTING (Rick Martin, 2018)

The negative impacts blockchain will cause the accounting profession can be divided into two
main categories: technical and non-technical.

In technical terms, most accounting software is not compatible with blockchain technology. So
even if you are ready to put your accounting firm on a blockchain, your record- keeping software
probably isn’t interested in playing along. Adoption will require purchase of cloud-based
accounting services as they become available, and possibly hiring a blockchain developer to
create custom user interfaces for your firm. As more and more blockchain accounting platforms
emerge to fill this new market, cost-effective solutions will help reduce the need for custom-
designed blockchains.

The non-technical impact will be reduced long-term viability for accounting firms that wait too
long to embrace DLT technology. While it is true that enterprise-ready blockchain solutions for
the accounting industry are not yet readily available, that excuse will soon evaporate as
innovators and investors move into to satisfy this emerging market.
As for disruption, sure it will happen. The capabilities of distributed ledger technology will
inevitably force accountants to change the way they work, and in ways we cannot yet foresee.
Even so, whatever duties or roles accountants must abandon because of blockchain probably
only add inefficiency and error to the process anyway.
CONCLUSION

The purpose of this study is to explain the Blockchain technology in accounting.

Technology is very much important to the development of any sector. The Blockchain
accounting is chancing traditional accounting function, and reduction in internal, external fraud
and increased trust and security. Blockchain is a digital ledger on which transactions is recorded
chronologically and can be viewed by all who has /had access. It allows for the transacting and
securing of digital data resulting in inefficiency in business transactions. Stockholders more
benefit from lower costs of trading quick transfers, more accurate records. and transparency of
the entire accounting process. Blockchain is a new technology for accounting and near future
globally well-developing Blockchain technology accounting.

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