Who will use Ledgerium Chain?
By using the triple entry accounting report, counter parties’ transaction will be written down in the Blockchain, enabling reconciliation in seconds. Imagine a large wholesale corporation with thousands of suppliers and customer, the workload they will save will be mind blowing. With smart contracts and cryptocurrency, account payable and account receivable will be no longer exist. As when both parties enter the smart contracts on the Ledgerium platform, details of trade have been recognized, once the conditions meet the system requirements, the currency will be automatically transfer from one party to the other.
BUSINESS ENTITIES NEED TO BE AUDITED
Entities such as listed companies, needs to be audited in regular terms to present the performance to the public. Blockchain technology could be used to ensure the integrity of financial data, which are permanent and unchangeable. It can also help external auditors to audit in real-time, greatly improving audit efficiency. External auditors can also monitor any unusual changes in the company’s accounts in real time. In addition, the irreversibility of Blockchain technology and the function of time stamps have greatly reduced the workload of auditors.
NON-COMMERCIAL SUBJECTS NEED TO BE AUDITED
Entities such as government departments and non-profit organizations are audited regularly for public interest. Through the application of Blockchain technology in public asset management, the government can effectively realize the openness and transparency of assets. Each public asset can be recorded on the Blockchain as a set of authentic, unforgettable information. Through this distributed data network, all citizens can check the details of state-owned assets, assess the actual value of state-owned assets, examine each transaction related to it, and understand the specific whereabouts of the assets so as to supervise the public assets. In such a highly open and transparent account, all transactions will be exposed in broad daylight, and embezzlement of state assets will be made much more difficult.
SMALL AND MEDIUM BUSINESS NEED INVESTMENT
There are very few growing businesses are fortunate enough to attract investments, and not to mention the start-up companies. One of the reasons is that they do not have proven track records of financials figures, and is such a burden to get them audited regularly. With the Ledgerium blockchain, business can provide instant tracked records with high level of assurance, which will lower the financial services cost for all the businesses and more opportunities could be created.
CERTIFIED PUBLIC ACCOUNTANTS
The trust mechanism of Blockchain technology will weaken the role of external auditing. At the same time, this change will promote the diversified development of accounting firms. The development of the Blockchain technology will reduce the audit business on one hand, forcing the accounting firm to increase the business of management consulting and taxation services. On the other hand, with the widespread application of Blockchain technology, the public have doubts about the credibility, compliance and security of Blockchain technology application. This objectively requires the certified public accountant to provide an audit on the application of Blockchain technology itself.
BLOCKCHAIN RELATED BUSINESS
Currently in the world there is no suitable software that can cater for the reporting needs of the Blockchain industry. As the industry grows at its expected rate, the market will need a product like Ledgerium.
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