Title: Blockchain technology-based futuristic accounting system: an exploratory study

Authors: Gourav Surana; Shurveer S. Bhanawat

Addresses: University School of Business, Chandigarh University, Mohali, 140413, Panjab, India ' Department of Accountancy and Business Statistics, Mohanlal Sukhadia University, Udaipur, 313001, Rajasthan, India

Abstract: Blockchain technology offers a transformative approach to accounting by enabling a transparent, secure, and efficient system for recording and verifying transactions. This exploratory study addresses gaps in the literature by examining the potential benefits and challenges of blockchain adoption in accounting and auditing. It traces the historical evolution from double-entry accounting, originating in ancient India's Bahi-khata system, to the modern concept of triple-entry accounting enabled by blockchain. A proposed model uses blockchain as the accounting information system, decentralising transaction verification, storage, and management across a distributed network. Each transaction is recorded on a shared ledger, ensuring real-time, verifiable, and tamper-proof updates to the company's financial records. The study demonstrates the advantages of blockchain-based accounting systems over traditional methods, providing critical insights for practitioners and regulators interested in adopting this innovative technology.

Keywords: blockchain technology; triple-entry accounting; double-entry accounting; auditing; distributed ledger; transaction verification; financial transparency; decentralised systems; accounting information system.

DOI: 10.1504/IJBC.2025.149931

International Journal of Blockchains and Cryptocurrencies, 2025 Vol.6 No.3/4, pp.183 - 197

Received: 08 Apr 2025
Accepted: 15 Jul 2025
Published online: 18 Nov 2025 *

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