In the current economy, global accounting practices/accounting standards and the technology solutions that are built on top of them follow a fundamental accounting principle known as double-entry bookkeeping.
In the double-entry accounting system, at least two accounting entries are required to record each financial transaction. The limitations of these principles have led to the rise in fraud and the increasing dependency on auditors to establish the accuracy of the entries.
Then in 1986 triple entry accounting was conceived by the late Yuji Ijiri, a professor at Carnegie Mellon University. It was an enhancement to the traditional double entry system in which all accounting entries involving outside parties are cryptographic sealed by a third entry. The applications of this triple accounting technique has now gone on to power the blockchain and the crypto industry.