Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions
With the emergence of FinTech and evolution in the design and delivery of financial services, the Accounting Information System (AIS) needs to evaluate its underlying accounting methods to establish a reliable bookkeeping environment and stay up to date with technological standards and bookkeeping r...
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| Format: | Article |
| Language: | English |
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IEEE
2024-01-01
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| Series: | IEEE Access |
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| Online Access: | https://ieeexplore.ieee.org/document/10813376/ |
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| author | Muhammad Imran Sarwar Imran Khan Louai A. Maghrabi Arfan Jaffar Sheeraz Akram |
| author_facet | Muhammad Imran Sarwar Imran Khan Louai A. Maghrabi Arfan Jaffar Sheeraz Akram |
| author_sort | Muhammad Imran Sarwar |
| collection | DOAJ |
| description | With the emergence of FinTech and evolution in the design and delivery of financial services, the Accounting Information System (AIS) needs to evaluate its underlying accounting methods to establish a reliable bookkeeping environment and stay up to date with technological standards and bookkeeping requirements. Many academic studies and practitioner articles have discussed Triple-Entry Accounting (TEA) and AIS researchers are not new to the idea of TEA, but its practical impact remains limited. Blockchain has emerged in financial applications, and it carries the same concept of distributed ledgers as shared ledgers in TEA. Unlike the traditional Double-Entry Accounting (DEA) system, where two parties record and maintain their books of accounts independently, the TEA model incorporates a third entry to further ensure trust and security. However, the lack of underlying accounting methods for recording the third entry, along with compliance issues and other challenges, has raised concerns with TEA, leading to limited practical implementation. This study bridges the gaps in the existing literature by proposing an alternative to TEA: a blockchain, RDBMS, and DEA-based hybrid Tripartite Accounting Framework (TAF). This integration not only adheres to DEA principles but also introduces a third transaction that meets bookkeeping requirements and addresses the limitations in the existing bookkeeping methods for recording B2B (Business-to-Business) transactions. The proposed framework provides a cost-effective and viable solution and ensures trust and security in the B2B trading environment. |
| format | Article |
| id | doaj-art-fa7e2ba7ffa844b39e160ef5dcce3d06 |
| institution | DOAJ |
| issn | 2169-3536 |
| language | English |
| publishDate | 2024-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj-art-fa7e2ba7ffa844b39e160ef5dcce3d062025-08-20T02:52:59ZengIEEEIEEE Access2169-35362024-01-011219809719812210.1109/ACCESS.2024.352209310813376Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B TransactionsMuhammad Imran Sarwar0https://orcid.org/0000-0003-2750-1297Imran Khan1https://orcid.org/0000-0002-1447-3912Louai A. Maghrabi2https://orcid.org/0000-0001-8513-0645Arfan Jaffar3Sheeraz Akram4https://orcid.org/0000-0003-2321-3845Department of Computer Science and IT, The Superior University, Lahore, PakistanDepartment of Computer Science and IT, The Superior University, Lahore, PakistanDepartment of Software Engineering, College of Engineering, University of Business and Technology, Jeddah, Saudi ArabiaDepartment of Computer Science and IT, The Superior University, Lahore, PakistanDepartment of Computer Science and IT, The Superior University, Lahore, PakistanWith the emergence of FinTech and evolution in the design and delivery of financial services, the Accounting Information System (AIS) needs to evaluate its underlying accounting methods to establish a reliable bookkeeping environment and stay up to date with technological standards and bookkeeping requirements. Many academic studies and practitioner articles have discussed Triple-Entry Accounting (TEA) and AIS researchers are not new to the idea of TEA, but its practical impact remains limited. Blockchain has emerged in financial applications, and it carries the same concept of distributed ledgers as shared ledgers in TEA. Unlike the traditional Double-Entry Accounting (DEA) system, where two parties record and maintain their books of accounts independently, the TEA model incorporates a third entry to further ensure trust and security. However, the lack of underlying accounting methods for recording the third entry, along with compliance issues and other challenges, has raised concerns with TEA, leading to limited practical implementation. This study bridges the gaps in the existing literature by proposing an alternative to TEA: a blockchain, RDBMS, and DEA-based hybrid Tripartite Accounting Framework (TAF). This integration not only adheres to DEA principles but also introduces a third transaction that meets bookkeeping requirements and addresses the limitations in the existing bookkeeping methods for recording B2B (Business-to-Business) transactions. The proposed framework provides a cost-effective and viable solution and ensures trust and security in the B2B trading environment.https://ieeexplore.ieee.org/document/10813376/Blockchainaccounting information systemstripartite accounting frameworktriple-entry accountingB2B transactionstrust and security |
| spellingShingle | Muhammad Imran Sarwar Imran Khan Louai A. Maghrabi Arfan Jaffar Sheeraz Akram Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions IEEE Access Blockchain accounting information systems tripartite accounting framework triple-entry accounting B2B transactions trust and security |
| title | Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions |
| title_full | Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions |
| title_fullStr | Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions |
| title_full_unstemmed | Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions |
| title_short | Tripartite Accounting Framework: A Novel Blockchain-Based Model for Recording B2B Transactions |
| title_sort | tripartite accounting framework a novel blockchain based model for recording b2b transactions |
| topic | Blockchain accounting information systems tripartite accounting framework triple-entry accounting B2B transactions trust and security |
| url | https://ieeexplore.ieee.org/document/10813376/ |
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