University of East Sarajevo, Faculty of Economics Brčko, Bosnia and Herzegovina
Bosnia and Herzegovina

University of East Sarajevo, Faculty of Economics Brčko, Bosnia and Herzegovina
Bosnia and Herzegovina

University of East Sarajevo, Faculty of Economics Brčko, Bosnia and Herzegovina
Bosnia and Herzegovina


This paper aims to analyze the implications of blockchain technology in the accounting profession and the government sector. Blockchain technology, unknown until just a decade ago, emerged from the shadow of bitcoin and is now at the center of the debate about the future of the digital economy. Blockchain is a decentralized database secured by cryptographic protection, which is estimated to store about 10% of global gross domestic product (GDP) on its platform by 2027. Double-entry bookkeeping, which has been used for more than 500 years, in today's era of technological change and applied blockchain technology, could develop a new system, the triple-entry bookkeeping. Dominant market leaders in this field PwC, Deloitte, EY and KPMG have already begun research to introduce this technology into their business practices. The application of blockchain technology, in addition to the private sector, could also be used in the government sector, especially in the field of taxes. Blockchain would eliminate retroactive tax recording and provide an automated and impenetrable platform for many types of tax fraud. However, the adoption of blockchain technology, like any new technology, depends on its ability to overcome regulatory, technical and societal challenges.


Full Text


Ainsworth, R. T., Alwohaibi, M., Cheetham, M. (2017). VATCoin: The GCC's Cryptotaxcurrency. Boston Univ. School of Law, Law and Economics Research Paper 17-04.

Ainsworth, R. T., Shact, A. (2016). Blockchain Technology Might Solve VAT Fraud. Tax Notes International 13(83). 1165-1174.

Cai, C. W. (2019). Triple-entry accounting with blockchain: How far have we come? Accounting and Finance 61. 1-23.

Deloitte. (2016). Blockchain: a game changer for audit processes?

Deloitte. (2017). Blockchain & Cyber Security: Let’s Discuss.

EY. (2018a). Regulatory complexity is the greatest barrier to widespread blockchain adoption, while regulatory changes are the primary driver of broader integration, according to EY poll.

EY. (2018b). EY announces blockchain audit technology.

Frankowski, E., Barański, P., Bronowska, M. (2017). Blockchain technology and its potential in taxes. Deloitte.,g

Grigg, I., (2005). Triple entry accounting.

Gröblacher, M., Mizdraković, V. (2019). Triple - entry bookkeeping: history and benefits of the concept. Singidunum University International Scientic, Conference ''Digitization and smart financial reporting''. 58-61.

Houben, C., Van Ginneke, D., Dingenouts, M. (2020). Trends in Tax, Capgemini. 1-72.

Ijiri, Y. (1986). A framework for triple-entry bookkeeping. The Accounting Review 61(4). 745–759.

KPMG. (2017). KPMG And Microsoft Announce New “Blockchain Nodes”.

Nalini, G. V. S. (2018). Impact of blockchain technology on accountancy. The Management Accountant, 53(06). 55-59.

OECD. (2015). Addressing the Tax Challenges of the Digital Economy, Action 1 - 2015 Final Report. In series: OECD/G20 Base Erosion and Profit Shifting Project.

Petrović, T. M., Tanasić, Lj. Ž. (2020). Istorijski pregled nastanka i razvoja finansijskog, troškovnog i upravljačkog računovodstva. Poslovni konsultant, XII(100). Tuzla.

Pradhan, S. K. (2018). Blockchain: Concept and Practical Application. The Management Accountant, 53(06). 29-35.

PwC. (2018). PwC Blockchain Validation Solution Innovate with confidence.

Radović, R., Bosiočić, N. (2014). Osnove finansijskog računovodstva. Bijeljina: Fakultet poslovne ekonomije Bijeljina.

Rao, L., Pandurangiah, S. (2018). Blockchain Tehnology will it disrupt or discipline accountants? The Management Accountant, 53(06), 42-46.

Rocamora, A. R., Amellina, A. (2018). Blockchain Applications and the Sustainable Development Goals: Analysis of blockchain technology’s potential in creating a sustainable future Institute for Global Environmental Strategies (IGES). 1- 104.

Staley, E. (1906). The Guilds of Florence. London: Methuen&Co.

Vijai, C., Elayaraja, M. Suriyalakshmi, S. M, Joyce, D. (2019). The blockchain technology and modern ledgers through blockchain accounting. Adalya Journal, 8(12). 545-557.