About
Developing a series of accounting and audit products harnessing cryptography and decentralised consensus networks to automate some of the more mundane elements of audit and accounting. They use the ideas of Todd Boyle and Ian Grigg. The name 3rd entry is central to my proposition. Double entry accounting can be extended by adding a 3rd entry - a digitally signed receipt which links all B2B transactions. The result is: - Reduced accounting and audit costs - Increased assurance - Reduction in the occurrence of fraud (digitally signed receipts are difficult to forge) - A repository which allows users of financial information to quickly gather consensus audited financial metrics for real-time financial reporting - Economic reporting: additional meta-data associated with each B2B transaction can be used to generate real-time economic metrics.