https://www.theaccountingblockchain.io/?aId=4541471-2412788
BLOCKCHAIN is an electronic ledger replicated among the network who unanimously agree to the authenticity and veracity of the record, thus enriching trust, provenances, immutability of the underlying.
So, it is a single ledger which records an event, duly endorsed/verified by the stakeholders and considered as a single fact of an event. Suppose, as an accountant, you have to record a transaction (event) which will also be recorded in your counterpart books as a separate record. A same double entry transaction is recorded twice, further, the same data will be required by different stake holders such as regulators, auditors and will be recorded in their books too. A single transaction will appear in different ledgers which are mutually exclusive to each other. A unwanted cost to be bear by the business in the current situation. However, Blockchain comes with a solution to minimize the whole cost of recording a transaction in one simple ledger, which is accepted by stakeholders as the only fact to be trusted.
Needless to describe the Blockchain further, this technology, with the passage of time is grooming, experiencing new innovation day by day, overwhelmed with the new ideas of how we conduct our business today and how Blockchain can transform it.
However, it is a fact that current infrastructure of Blockchain does not compete with the current centralized organizations such as Visa in terms of transactions per second (TPS). As of date, TPS for Ethereum is fifteen (15), this is nowhere near the centralized structure. Further, this smart contract platform is already overwhelmed with the traffic from all around the world. Thus, we can conclude that it is still ineligible for global adoption for any industry and when it comes to recording the transactions of the world which is estimated to be 726 billion in 2020 for Non-cash transactions only; it is not feasible in any way.
Therefore, there is a dire need for a niche based strategy to overcome the problem by having a separate Blockchain for each aspect, such as social media on its unique Blockchain, AI, IT related developments can be established in a separate platform, so on and so forth.
Accounting Blockchain (AB), is a new player in the market, who understand this need early in the year August 2016 (as per whitepaper), conducted its in depth research and feasibility, engage a team of smart people and comes up with the solution to have a separate Blockchain designed to maximize the accounting efficiency and to safeguard the data forever.
As well depicted in the vision and mission statement, this action for having a separate blockchain will help all sizes of businesses to have gained the benefits of this disruptive technology without any entry barriers, and discrimination, auxiliary to this, the main purpose of AB is to create a better accounting infrastructure to serve the global economy by providing three solutions. These are described below in its simplest form.
Product Offering: The Accounting Blockchain (TAB) — A Niche Blockchain for Recording Transactions
Key Characteristics
· TAB will be a separate bespoke Blockchain, to be build based on the latest available developments in this field, for the purpose of recording transaction in triple entry form;
· With only data record for specific triple entry accounting, it will be far more efficient in recording, and processing of data;
· The built-in benefits of Blockchain such as no 3rd party involvement, immutability of data, reduced risk of data manipulation, single record book;
· No risk of next audit fraud, as the data is immutable, further, data can be verified real time by auditors or other compliance officers;
· Open door policy for existing accounting software to integrate with TAB;
· Reduced accounting hassle, means improved cash flows;
· TAB tokens along with support for other cryptocurrencies and FIAT;
· Last but not least, the increased efficiency and effectiveness in the whole business operations in general. (Please refer page 10 of the whitepaper for pictorial representation)
Product Offering: AB B2B Fingertips Suite — The inter-connected business world
Key Characteristics
· An Integrated accounting system where all companies will be interlinked through Blockchain
· Transactions among the business parties will be recorded in a triple entry form. Once a transaction is recorded in one company for example a sale record will automatically be recorded for counterpart as payable
· Auto confirmation for audit and assurance perspective, as the transaction once executed in cryptographically secured and immutable.
· Improved time and cost savings
· Reduced risk of fraud and manipulation due to automation of records for a counterpart
Please note that in double entry accounting system, a single transaction is recorded twice in both companies book, whereas, in triple entry accounting, a single transaction is auto recorded for counter party due to availability of Blockchain technology which was previously not possible.
Product Offering: AB Taxavance –an AI based Tax Manager
Key Characteristics
· A Centre place for all information to make a rational decision
· A bespoke solution for an investor to record its tax activity as per his own jurisdiction
· Savings in Tax advisory fee
· Reduced risk of Non-Compliance
· It will be a solution based on the slogan “Think Globally act locally”, because AB has planned to engage Tax advisory firms of different jurisdictions to keep up-to-date with latest tax related information of that particular tax environment.
· The solution is planned in a way to keep posted the investor about its tax liability by sending reminders
· Other benefits of automation, such as auto recording of tax, tax reporting etc.
TOKENOMICS
AB Tokens is an ERC 20 utility token to be used in the ecosystem which has been planned to be issued at $0.01 during the ICO. The soft cap has been set at $4,000,000, whereas, hard cap has been set at $64,000,000 which if achieved, will help the organization grow with rapid pace in terms of its operations and legal infrastructure. Moreover, for the purpose of Governance, team tokens are to locked up for three year which will be vested 1/6 with each six month break.
Further, following are the utilities of the AB Token
· Opting for AB Taxavance
· Opting for AB Finger Tips Suite
· Integration of 3rd party accounting software
Conclusion
For the purpose of simplicity, following bullets will help to understand the feasibility of the Project;
Business Case :
A Strong Business Case
Product Concept:
use of Blockchain has made it possible to create its Differentiating factors
Whitepaper Quality:
WP deals with background, introduction, Operational aspects and the team
Social Activity
Presence on all most all crypto platforms
Fund Allocation
Lower on Marketing, which indicates that Company plans for long term development rather than having myopic view of achieving
MVP
The protocol has yet to be developed
Team
No background info
Important Time Line
July 2019 — Open testing of Blockchain
Advisory Board
Strong
Token Economy
A ERC 20 Utility token that will be used for Paying for services.
Key Growth Factor
Adoptability of the Token
Contact Details
https://www.theaccountingblockchain.io/?aId=4541471-2412788
https://www.reddit.com/r/accountingblockchain
https://twitter.com/ABblockchain
http://www.facebook.com/accountingblockchain
https://bitcointalk.org/index.php?topic=3965435
https://t.me/accountingblockchain
info@theaccountingblockchain.io
https://www.youtube.com/channel/UCgwCK_Uhocv62g9bEqs2uFw
Disclaimer: This is not an investment advice and just a mere piece of information. This shall not be taken as quote from the organization discussed above .For investment related decision, it is highly recommended to read whitepaper and other related material. Do consult your financial and legal advisor before investing. Author is not responsible for the actions of the organization.