Traditional Accounting with Decentalised Ledger Technology
(2020) 14th International Workshop on Value Modelling and Business Ontologies — Location: Brussels (16.January.2020)
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- Abstract
- Distributed ledger technology is by some believe to be the accounting system of the future, replacing the centuries old double- entry accounting paradigm, as it has desirable characteristics such as tamper-resistance. However, it might suffer from technology lock-in as double-entry bookkeeping, due to its long standing history, has offered the conceptual foundations for many laws, regulations and business prac- tices. While some of these laws, regulations and practices might become obsolete as a result of distributed ledger technology, some might still prove to be valuable in a new technological context. While aiming at unlocking the potential of distributed ledger technology in an account- ing context, we also want to preserve the wisdom of accounting crafts- man. For this reason, it is the aim of this paper to offer a bi-directional mapping between traditional double-entry bookkeeping and innovative paradigms that have proven their value in decentralised systems, of which distributed ledger technology is an exponent. This paper offers such a mapping for the Resource-Event-Agent paradigm.
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Citations
Laurier, W., & et al. (2020). Traditional Accounting with Decentalised Ledger Technology. CEUR-WS, 2574. (Original work published 2020)