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Blockchain: Future of Accounting Education

Author

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  • Munshi Samaduzzaman

Abstract

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.

Suggested Citation

  • Munshi Samaduzzaman, 2020. "Blockchain: Future of Accounting Education," Asian Journal of Finance & Accounting, Macrothink Institute, vol. 12(2), pages 1427-1427, December.
    • Handle: RePEc:mth:ajfa88:v:12:y:2020:i:2:p:1427
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    References listed on IDEAS

    as
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    3. Yuanfeng Cai & Dan Zhu, 2016. "Fraud detections for online businesses: a perspective from blockchain technology," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-10, December.
    4. Peter Yeoh, 2017. "Regulatory issues in blockchain technology," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 25(2), pages 196-208, May.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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