“As an accounting ledger, Bitcoin represents the first true accounting innovation in more than 700 years, marking a transition from the legacy, stakeholder-controlled, private, double-entry accounting systems to a public, triple-entry system.
“Triple entry” simply means that two-party transactions (debit and credit) are written to a public, immutable ledger (the third entry). “Public” means that the ledger is accessible at any time by anyone on the Bitcoin network.”
“On its face, it's presented as a technology based on money, but diving deeper, Bitcoin represents a new accounting technology that will provide increased freedom to the people within every nations' borders.
When you give people immutable data that cannot be seized, you give them freedom in the form of property rights, sound/hard money, truth, control and much more.” #bitcoin
You left off the most important part which is that it's about trust.... Triple entry accounting provides a level of trust that is simply not available any other way. Normally parties can only trust each other at the moment they get together to verify the books but with triple entry accounting, it's a process of continual verification so that trust is continual and uninterrupted.
