Triple-entry is the intellectual idea that blockchain enables as a technology. It refers to the idea of cryptographically authenticating entries in a ledger, wh

Triple-entry is the intellectual idea that blockchain enables as a technology. It refers to the idea of cryptographically authenticating entries in a ledger, which makes double-entry accounting scale in terms of the auditing costs. Currently business owners keep track of whether they are making or losing money by entering each transaction into a spreadsheet (or something similar), as per the rules of double-entry accounting. But each of those entries needs to get audited by a human third-party, which costs money. With blockchain much of the auditing work gets pushed onto computers, so you can audit trillions of rows for the same cost as auditing a few thousand spreadsheet rows without blockchain. This means you can create more complex types of businesses. In practice, it means you can create businesses where the incentives of the stakeholders are aligned in more efficient ways.