Shared Ledgers for businesses

You don't have to buy Bitcoin to benefit from its underlying technology.

Whether you invest in Bitcoin or not, the technology behind Bitcoin will change the ways B2B accounting, verification and audit takes place.

This technology is called blockchain technology or shared ledger technology.

Today’s scenario

• Your customer maintains their own ledger
• You maintain your ledger

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• That means, all payments and invoices have to be entered twice and have to be reconciled separately to arrive at a receivable or payable figure that both you and your customer can agree upon.

This leads to a wastage of accounting and audit resources and loss of time and money.

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• It also creates a “batch process” instead of “real time process”. Both you and your customer have to sit together once in a few weeks/months to be able to settle the differences in your individual ledgers.

A revolution in technology has now made it possible to create decentralized ledgers that no single party owns or controls.

Since no one can control a distributed and decentralized ledger, all parties can trust the entries made to such a ledger and hence do not need to maintain their own ledgers.

Such a ledger is highly secure too. In fact it is so secure that Bitcoin, Ethereum and other digital currencies are running on top of such a decentralized and distributed ledger technology.

So now, you and your customer can maintain one shared ledger instead of separate ledgers.

This can save a lot of time and money on accounting, reconciliation, verification and audit.

This also reduces chances of errors, manipulation and fraud.

It reduces friction of trying to reconcile 2 separate ledgers since all parties will be referring to one source of truth.

Leads to easier settlements and real-time agreement on the state of the ledger.

Components of this technology:

• Distributed ledgers stored on multiple independent nodes
• P2P transaction verification in real time
• Time tested consensus algorithms

Properties of this distributed shared ledger:

• Immutable ledger where no party can change or delete any existing record
• Only addition of records or transactions are possible when consensus is reached
• No system administrator or server admin or single point of control
• No single point of failure

AppWorx.cc can develop custom built accounting & other applications using shared ledger technology.

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• We have been in the blockchain application development space since early stages of Bitcoin and Ethereum and can develop a wide range of decentralized applications for your organization.

info@appworx.cc