Triple-entry accounting on the blockchain
Details
Let's dive deeper and understand the potential of blockchain to revolutionize the system of accounting.
Companies today record debit and credit with each transaction - two entries, hence the term double-entry accounting.
With the introduction of blockchain technology, proposals have been floated to upgrade the existing accounting infrastructure by adding a third entry on a so-called "World Wide Ledger", instantly accessible to those who need to monitor them - auditors, regulators and other stakeholders - and in real-time. This would make the financial statements of companies a "living ledger" that is searchable, verifiable and auditable, which could be generated very simply as a spreadsheet function. Imagine if a mouse click could open an immutable, complete, error-free and searchable financial statement. (Tapscott & Tapscott, Blockchain Revolution, p. 75 [2016])
Balanc3 is a smart contract powered Triple-entry accounting system built on top of the Ethereum blockchain. Balanc3 uses the non-repudiability and comprehensive audibility of the blockchain to guarantee the integrity of accounting records.
The blockchain ensures that past accounting records have not been altered and are not alterable, once committed, even by the owners of the accounting system.
Our Guests:
We're lucky to have Griffin Anderson - Product Lead at Balanc3 - who will share how Balanc3 are leveraging the Ethereum platform to develop a Triple-Entry Accounting. In addition, Griffin will also discuss how cryptocurrency-based businesses and blockchain startups could use Balanc3's suite of accounting tools for cryptocurrencies, tokens and other digital assets.
Christian Lauron, Partner at SGV, will share his thoughts on how blockchain and distributed ledgers might introduce positive disruption to the accounting practice.
Dominick Danao, Founder and Chief Products Officer at Magpie, will give special insights on triple-entry accounting. Magpie is a mobile payments solutions firm. Among other services, Magpie allow merchants to accept digital currencies and get paid in local fiat currencies.
And returning on the panel, blockchain educator Lorne Lantz will share his view from a technology angle about triple-entry accounting - presented as always in very simplified yet elegant manner.
Several community members and accounting professionals will also join us for a panel discussion. Additional names will be announced shortly.
For more information about Balanc3, please see this link:
For more information about Magpie, please visit: https://magpie.im/
For more information about Lorne Lantz, visit:
Reminders:
The Philippine Ethereum community has been growing steadily. This is great news but it also means we will need more people and considerable resource to arrange for our meetups. If you wish to volunteer, sponsor or contribute to this event, please contact our organizers.
This is an open event. No need to seek permission if you wish to attend although we certainly appreciate the RSVP.
Our open forum welcomes discussion of other topics not necessarily relevant to the announced theme. However, please allow the organizers opportunity to moderate our discussion.