#Crypto42 Token Summit; #ConsensyS; #Balanc3, #Accounting Tools for Tokens
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#Crypto42 Token Summit; #ConsensyS; #Balanc3, #Accounting Tools for Tokens
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#Crypto42 Token Summit; #ConsensyS; #Balanc3, #Accounting Tools for Tokens
- 2. 2 © ConsenSys 2017 Alice Sends ETH to Bob Bob Receives ETH from Alice The Value Transferred is the Record Value = Record
- 3. 3 © ConsenSys 2017 Alice Bob Accounting Information System Accounting Information System Purchase Order Sales Order Invoice Payment Receipt Alice Bob Blockchain <Smart Contract> 1 2 3 4 5 6 . . 20 </smart contract> Traditional Invoice Smart Invoice
- 4. Platform Benefits © 2017 BALANC3 A shared data architecture reduces the need for each firm to maintain their own accounting information system Reduced Information System Expenses Reduced Auditing Expenses Automated tamper-proof processes eliminate onerous and error-prone paperwork Minimized Error Decentralized network of validators gives transactions confirmed accuracy in a consistent format Improved Data Integrity Complete Transparency Counterparty Risk Measurement Transactional-level assurance built into each value transfer reduces time to prove assurance The blockchain reduces the risk of imperfect information and the need to trust other actors in the network Complete transaction trail preserved for provenance tracking, audit, security, and legal compliance
- 5. Over the next decade a significant number of assets will be digitized and tokenized. We will need reporting software and business logic that will make it easy for different stakeholders to operate and accept digital assets. Hypothesis and Vision © 2017 BALANC3
- 6. <land token><land token> Address: 0xd26114cd6EE289Acc F82350c8d8487fedB8A 0C07 GPS Coordinates 40.78247604,- 80.91196661,375.67902709a,5 82.90943884d Tokenization of Assets
- 9. Individuals Portfolio dashboard of your digital assets Generates realized gains and losses tax report Funds Back office reporting tools for digital assets Portfolio dashboards for LP’s ICO’s Generates financial reports and your general ledger Real time transparency portal Come talk to us © 2017 BALANC3
- 10. Professional Services to Consider © 2017 BALANC3
- 11. Potential Working Groups 1. Token Standards for Assets 2. Blockchain Businesses Assurance 3. Taxing of Digital Assets 4. Digital Asset Management 5. ERP Systems Largest group of Accounting Firms, Law Firms, Universities, Technology Companies, and Crypto Startups addressing industry wide accounting issues © 2017 BALANC3
- 12. Brett Shear brett.shear@consensys.net 12 © 2017 BALANC3
Notas do Editor
- Triple entry accounting Two parties in the exchange and a third immutable, impartial record Value = Record Reconciliation – the record of the transaction happens at the same time of the transaction The record is an independent third party viewpoint
- Business process on chain Automates the back and forth Creates a shared data environment can trust automatic execution
- Assets will be digitized and tokenized Utilitiy tokens, security tokens, non fungible tokens like crypto kitties real estate, commodities, patents, consumable goods Balanc3 hosts all the infrastructure to go in and read all the movements of assets across blockchains – we can read smart contract function calls and op codes to understand the purpose of the transaction – We are constantly improving the scraper - We also built and host our own crypto pricing feed – the combination of reading the movements of assets and pricing feeds allows us to automate the gains and loss calculations – build a general ledger
- thinkin through an underlying protocol around business logic and working on a couple now – expensing and payroll
- https://www.youtube.com/watch?v=kqmKjBT5t7s&feature=youtu.be -- Accountability and Transparency to the blockchain space
- We think about and work with the professional service firms supporting this process