Asked • 04/22/19

Is the blockchain similar to double-entry book-keeping?

As far as I know, blockchains keeps transaction records from the beginning of time. This lets the blockchain retain a history of traceable transactions so it can maintain validity. Double-entry book-keeping keeps transaction records since the "opening balance" (usually). Both systems ensure that for every credit there's a debit, and vice-versa. Does this mean that double-entry book-keeping is practically a blockchain, with each block being a transaction?

1 Expert Answer


Matthew C. answered • 06/14/19

New to Wyzant

Accounting and Finance Professional

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