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Blockchain: Future of accounting education

journal contribution
posted on 2022-02-11, 02:23 authored by Munshi SamaduzzamanMunshi Samaduzzaman
Blockchain will be the future of accounting education. Triple entry accounting system is here, and shared ledger has been considered. From the shared ledger different parties can access transactions. As our discussion reveals that distributed ledger, Smart contract and Blockchain are three important elements in the triple entry accounting system. As a result, blockchain technology is helping the upgrading the process of education system. Blockchain technology is a peer to peer communication that allows participants to secure the settlement of transactions, achieve the transactions and transfer of assets at low cost. With certain advantages there are disadvantages too. Based on performance and acceptance, it is clear that in future the implication of blockchain technology would be developed. The concept of triple accounting has introduced the new way of accounting work replacing accounting standard formula. The blockchain technology eliminates the involvement of third party, maintain transparency and charges low transaction cost. It will save money and time of people as it is secure and due to decentralization, it is not controlled by one single entity. Due to the decentralization, every user of the network can see the file. So, blockchain should the part the Accounting Education in future.

History

Volume

12

Issue

2

Start Page

14

End Page

27

Number of Pages

14

eISSN

1946-052X

Publisher

Macrothink Institute

Peer Reviewed

  • Yes

Open Access

  • No

Acceptance Date

2020-09-27

Era Eligible

  • Yes

Journal

Asian Journal of Finance and Accounting

Article Number

17679