This is an outdated version published on 2023-07-25. Read the most recent version.

Blockchains and Triple-Entry Accounting for B2B Business Models


  • Muhammad Imran Sarwar Department of Computer Science & IT, The Superior University, Lahore
  • Kashif Nisar Department of Computer Science & IT, The Superior University, Lahore
  • Imran Khan Department of Computer Science & IT, The Superior University, Lahore
  • Danish Shehzad Department of Computer Science & IT, The Superior University, Lahore



Triple-Entry Accounting, Accounting Information System, Blockchain, B2B Transactions, Double-Entry Accounting


A blockchain is a distributed ledger (DL) that records and tracks of transactions on a P2P network. It was originally designed for cryptocurrencies, but it is now used in healthcare, supply chain management, finance, and many more fields due to its security and trustworthiness. Trust and security are critical factors in any business, and the B2B model is no exception. In businesses, trust becomes more critical when the stakes are higher and the relationships are more complex. Centuries-old Double-Entry Accounting (DEA) is still used as an underlying accounting practice, and its reliability and efficiency are beyond question. But a critical review of DEA reveals that it lacks support for B2B transactions, as the two parties maintain their accounting books without cross-checks and verifications that may lead to an implausible situation. Triple-Entry Accounting (TEA) is an emerging accounting practice introduced in the recent past to overcome the limitations of DEA. It only applies if an outside person or business is involved in a transaction and is not meant to record any internal business transactions. Recording transactions on a blockchain and entering the third transaction via TEA are conceptually the same. The potential of blockchain-based TEA can address the challenges of the B2B business model and overcome some specific limitations of DEA. This study aims to survey the current state of the adaptation of blockchains and TEA in B2B transactions. The methodology used in this study can be classified as exploratory qualitative research and is based on the latest literature on the topics. The findings of this study would deepen our understanding of blockchains and TEA for B2B transactions as they highlight new opportunities and challenges.


“PACIO White Paper.” (2021) (accessed 17 October 2022)

Basu, S., Waymire, G. “The Evolution of Double-Entry Bookkeeping.” SSRN Electronic Journal (2021) (accessed 09 October 2022)

Bendovschi, A. C. “The Evolution of Accounting Information Systems.” Digital Accounting III.I(7) 91–96 (2011).

Bonsón, E., Bednárová, M. “Blockchain and Its Implications for Accounting and Auditing.” Meditari Accountancy Research 27.5 725–740 (2019)

Buterin, V. “Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform.” (2014) (accessed 29 October 2022)

Cai, C. W. “Triple-Entry Accounting with Blockchain: How Far Have We Come?” Accounting and Finance 61.1 79–93 (2021)

Capactix “Understanding Double Entry And Triple Entry Accounting.” (2021) (accessed 03 October 2022)

Carlin, T. “Blockchain and the Journey Beyond Double Entry.” Australian Accounting Review 29.2 305–311 (2019)

Carruthers, B. G., Espeland, W. N. “Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality.” American Journal of Sociology 97.1 31–69 (1991)

Chen, T. “Blockchain and Accounting Fraud Prevention: A Case Study on Luckin Coffee.” In Proceedings - 2022 7th International Conference on Social Sciences and Economic Development (ICSSED), March 25-27, 2022, Wuhan, China 44–49 (2020)

Chowdhury, E. “Financial Accounting in the Era of Blockchain - A Paradigm Shift from Double Entry to Triple Entry System.” SSRN Electronic Journal (2021) (accessed 21 November 2022)

Dai, J., Vasarhelyi, M. A. “Toward Blockchain-Based Accounting and Assurance.” Journal of Information Systems 31.3 5–21 (2017)

Daoud, H., Triki, M. “Accounting Information Systems in an ERP Environment and Tunisian Firm Perfor- mance.” International Journal of Digital Accounting Research 13 1–35 (2013) 1577-8517-v13_1.

Demirkan, S., Demirkan, I., McKee, A. “Blockchain Technology in the Future of Business Cyber Security and Accounting.” Journal of Management Analytics 7.2 189–208 (2020) 2020.1731721.

Desai, S., Deng, Q., Wellsandt, S., Thoben, K.-D. “An Implementation of IoT-Based Product Tracking with Blockchain Integration for a B2B Platform.” In Proceedings - 2020 IEEE International Conference on Engineering, Technology and Innovation (ICE/ITMC), June 15-17, 2020, Cardiff, United Kingdom (IEEE) 1–8 (2020)

Eid, R., Trueman, M., Ahmed, A. M. “B2B International Internet Marketing: A Benchmarking Exercise.” Benchmarking 13.1/2 200–213 (2006)

Ellerman, D. “On Double-Entry Bookkeeping: The Mathematical Treatment.” arXiv (2014) (accessed 27 October 2022)

Ellerman, D. P. “Double Entry Multidimensional Accounting.” Omega International Journal of Management Sciences 14.1 13–22 (1986)

Faccia, A., Moşteanu, N. R., Cavaliere, L. P. L. “Blockchain Hash, the Missing Axis of the Accounts to Settle the Triple Entry Bookkeeping System.” In Proceedings - ACM International Conference on Information Management Engineering (CIME), September 16–18, 2020, Amsterdam, Netherlands (ACM) 18–23 (2020)

Faccia, A., Petratos, P. “Blockchain, Enterprise Resource Planning (ERP) and Accounting Information Systems (AIS): Research on e-Procurement and System Integration.” Applied Sciences (Switzerland) 11.15 1–17 (2021)

Fraser, I. A. M. “Triple-entry Bookkeeping: A Critique.” Accounting and Business Research 23.90 151–158 (1993)

Grigg, I. “Triple Entry Accounting.” (2005) (accessed 18 October 2022) triple_entry.html.

Gröblacher, M., Mizdraković, V. “Triple - Entry Bookkeeping: History and Benefits of the Concept.” In Proceedings - 2019 International Scientific Conference, (Finiz), December 6, 2019, Singidunum University, Belgrade, Serbia 58–61 (2019)

Ibañez, J. I., Bayer, C. N., Tasca, P., Xu, J. “REA, Triple-Entry Accounting and Blockchain: Converging Paths to Shared Ledger Systems.” SSRN Electronic Journal (2020) (accessed 09 October 2022)

Ijiri, Y. “A Framework for Triple-Entry Bookkeeping.” The Accounting Review LXI 745–759 (1986).

Luca+ by Ledgerium (accessed 22 October 2022)

Maiti, M., Kotliarov, I., Lipatnikov, V. “A Future Triple Entry Accounting Framework Using Blockchain Technology.” Blockchain: Research and Applications 2.4 1–8 (2021) 2021.100037.

Mazur, M. “Blockchain-Powered New Generation of Global B2B Platforms: A Conceptual Approach.” SSRN Electronic Journal (2020) (accessed 05 October 2022)

McCarthy, W. E. “The REA Accounting Model: A Generalized Framework for Accounting Systems in a Shared Data Environment.” The Accounting Review LVII 554–578 (1982).

Nakamoto, S. “Bitcoin: A Peer-to-Peer Electronic Cash System.” (2008) (accessed 04 August 2018)

Ne, I. A. A., Polaka, G., Ruza, O. “Calculation of Financial Indicators in a Single-Entry Accounting System.” Journal of Social Sciences 1.7 17–27 (2015)

Platonova, N. V. “FV Ezersky and the Development of Accounting Thought and Practices in Russia.” Vestnik NSUEM (2016) (accessed 03 November 2022)

Rouhani, S., Deters, R. “Data Trust Framework Using Blockchain Technology and Adaptive Transaction Validation.” IEEE Access 9 90379–90391 (2021)

Sangster, A. “The Genesis of Double Entry Bookkeeping.” Accounting Review 91.1 299–315 (2016)

Sarwar, M. I., et al. “Data Vaults for Blockchain-Empowered Accounting Information Systems.” IEEE Access 9 117306–117324 (2021)

Sarwar, M. I., Nisar, K., Andleeb, S., Noman, M. “Blockchain - A Crypto-Intensive Technology - A Review.” In Proceedings - 35th International Business Information Management Association (IBIMA) Conference, April 1-2, 2020, Seville, Spain (IBIMA Publishing) 14803–14809 (2020)

Sarwar, M. I., Nisar, K., Khan, A. “Blockchain - From Cryptocurrency to Vertical Industries - A Deep Shift.” In Proceedings - 2019 IEEE International Conference on Signal Processing, Communications and Computing (ICSPCC), September 19-21, 2019, Dalian, China (IEEE) 1–4 (2019)

Schultz, S. M., Hollister, J. “Single-Entry Accounting in Early America: The Accounts of the Hasbrouck Family.” Accounting Historians Journal 31.1 141–174 (2004).

Tan, Y., Rukanova, B., Engelenburg, S., Ubacht, J., Janssen, M. “Developing Large Scale B2B Blockchain Architectures for Global Trade Lane: Are the Design Principles Derived Based on the Upscaling of the Internet Applicable for Upscaling Global Blockchain-Enabled Infrastructures?” In Proceedings - 6th Innovation in information infrastructures (III) workshop, 18- 20 September 2019, Surrey, UK 1–8 (2019) .

Torrebruno, G. “The ‘Russian’ Triple Entry.” (2020) (accessed 12 August 2022)

Williams, J. J. “A New Perspective on the Evolution of Double-Entry Bookkeeping.” The Accounting Historians Journal 5.1 29–39 (1978).

ZkLedger by MIT Media Lab. (accessed 13 October 2022)


Additional Files




How to Cite

Sarwar, M. I., Nisar, K., Khan, I., & Shehzad, D. (2023). Blockchains and Triple-Entry Accounting for B2B Business Models. Ledger, 8.



Review Articles