Web3 Roundup
October 2022: First edition of our biweekly newsletter!
Web3 Trends & Insights
How blockchain-enabled reconciliation streamlines accounting
The current financial ecosystem is based on double-entry accounting or bookkeeping. It works through two-sided accounting entries, i.e. every entry in one account must have a corresponding and opposite entry in a different account. The problem is that fraudulent entries can easily find their way into this widely used accounting system.
Blockchain-enabled triple-entry accounting solves this problem, as the record is permanent and immutable. This way, internal records become less prone to fraud, as they are verifiable through an easy on-chain audit trail.
Read more about triple-entry accounting in our recent blog.
Using smart contracts to optimize business processes
Smart contracts are powerful bits of code that can drastically improve the way businesses function and interact with each other. In our latest blog, we presented a few ways businesses can use blockchain and smart contracts to optimize their operations:
- B2B deals: Smart contracts can streamline supply chain processes for business-to-business deals. Considering they leverage blockchain, smart contracts also create an audit trail that auditors or regulators can review.
- Dispute resolution: Smart contracts are based on a set of rules that the involved parties agreed on and require a signoff at each stage. When a dispute happens and there’s a discrepancy, the smart contract synthesizes the data in order to identify the source of that discrepancy and comes to an agreement, making dispute resolution efficient and quick.
- Accounting: In blockchain-enabled accounting, transactions are recorded in chronological order and hosted on-chain, so the record is permanent. Any changes are recorded as separate transactions, eliminating chances of fraudulent transactions.
Other articles from the cryptosphere we enjoyed this month:
- Google selects Coinbase to take cloud payments with cryptocurrencies and will use its custody tool
- Can Starbucks Bring Web3 Into the Mainstream?
Web3 Watch Events
Join our upcoming fireside chat on physical and digital NFTs with LTD.INC’s Founder Daryl Kelly.
The fireside chat will focus on these central points:
- LTD.INC’s vision
- LTD.INC’s on-chain and off-chain NFT-related offerings
- Challenges in building a unique on-chain and physical business model
- …and much more!
Register now.
Check out our latest fireside chats!
Cardstack’s Founding Director Chris Tse spoke with Endaoment’s CEO Robbie Heeger about crypto philanthropy.
Recently, we also hosted fireside chats with…
- Phillip Shoemaker, Executive Director of Identity, about decentralized identity verification
- Kain Warwick, Founder of Synthetix, about DeFi governance
Web3 Watch fireside chats are on every first and third Wednesday of the month!
You can listen to each chat on these streaming platforms:
Spotify | Amazon Music | Apple Podcasts | Google Podcasts | Anchor
Meet the Cardstack Team
This October, we’re delighted to introduce Cardstack’s Design Technologist and Communications Manager. Meet Burcu & Katrin!
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