Table 2 Comparison between traditional accounting and blockchain accounting

System

Centrally process and maintain records of operations

Process and maintain transaction records in the (decentralized) distributed ledger

Accounting model

Double-entry accounting model

Triple-entry accounting model

Data entry and editing

The accountant enters the financial data into the system and adjusts it according to the client’s needs

Once the operations are approved, the records do not accept modification or change

Data accessibility

Only accountants and auditors have direct access to the central ledger

Accounting information can be accessed from all relevant parties (accountant, auditor, client, regulators)

Security

Medium security

High security