Xero Uses Tierion To Create An Immutable Audit Trail for Accounting Data

Xero’s API team has developed a project that uses Chainpoint to prove the integrity and timestamp of accounting data by anchoring it to the Bitcoin blockchain.

What is Xero?

Xero provides cloud-based accounting software to over 1.2 million customers in 180 countries. They’re one of the fastest growing software as a service companies globally.

How does Xero use Chainpoint?

Xero Developer Evangelist Riley James has developed a project that shows how developers can use the Xero API and Chainpoint to create an immutable audit history of the changes to accounting records and documents. Xero’s blog post describes how this proof of concept application makes use of Chainpoint to prove an invoice existed at a point in time.

Read the full Xero blog post

How is the blockchain used?

Tierion’s Chainpoint technology lets software developers link data to the blockchain. This process generates a Chainpoint proof, which can be used to prove the data is linked to a point on the chain— hence the name Chainpoint.

Blockchains are notoriously slow. Bitcoin can process about four transactions per second. Ethereum can process approximately fifteen transactions per second. Chainpoint overcomes these scalability limitations by linking thousands or even millions of Chainpoint proofs to a single transaction. Chainpoint transforms the blockchain into a global proof engine.

How can I learn more about Chainpoint?

If you’re a software developer, you can learn more about Chainpoint by visiting our web site or GitHub repo.

Chainpoint web site

Each Chainpoint Node has a HTTP API. There’s also a Chainpoint Javascript client that can be used in browser and Node.js based applications.

About Xero

Xero is a beautiful, easy-to-use global online platform for small businesses and their advisors. The company has over one million subscribers in more than 180 countries. Xero seamlessly integrates with more than 600 apps. It was ranked #1 by Forbes as the World’s Most Innovative Growth Company for two years running, won Technology Provider of the Year for the British Small Business Awards, and was rated by Canstar Blue as Australia’s best accounting software three consecutive years from 2015–2017.