The name that looms largest in early accounting history is Luca Pacioli (1447-1517), an Italian mathematician, Franciscan friar, who in 1494 first described the system of double-entry booking used by Venetian merchants in his “Summa de Arithmetica, Geometria, Proportional et Proportionalita.”
The Triple Entry Accounting Network
The Objectivity Principle of accounting states that financial and accounting information needs to be independent, fact-based, and free from bias. This means that the financial statements provided by a company need to be based on evidence and not opinions.
Track.Capital is a state of the art, enterprise-class, triple-entry accounting network built on the IBM blockchain platform. Track.Capital works with your existing accounting solution to provide an immutable third ledger to ensure that all parties reach agreement on all transactions.
"Triple entry accounting is an enhancement to the traditional double entry system in which all accounting entries involving outside parties are cryptographically sealed by a third entry. These include purchases of inventory and supplies, sales, tax and utility payments and other expenses. Placed side by side, the bookkeeping entries of both parties to a given transaction are congruent. A seller books a debit to account for cash received, while a buyer books a credit for cash spent in the same transaction, but in separate sets of accounting records. This is where the blockchain comes in: rather than these entries occurring separately in independent sets of books, they occur in the form of a transfer between wallet addresses in the same distributed, public ledger, creating an interlocking system of enduring accounting records. Since the entries are distributed and cryptographically sealed, falsifying them in a credible way or destroying them to conceal activity is practically impossible."
What does Triple Entry Accounting mean for:
Large companies
Trustworthy layer from capital markets
Image gains
Small and Medium Business
Better loan rates
Auditors
More time for intellectual work
Venture Capitalists and M & A
Trustworthy layer from capital markets
Image gains
Large-scale Buyers
Supply chain strengthening
Financial Companies
Safer operations
Network Nodes
Join and become a Track.Capital node!Institutional
Security market development organizations
Financial Services
Commercial banks, Investment banks, Factoring companies, Insurance companies, Private credit funds
Non-financial companies
Large corporations, Scaling SMBs.
Professional and Business Associations
Helping associates to grow up.
Features
Track.Capital is a web-based, platform-independent enterprise blockchain solution that enables:
Trust
A foundation of trust and transparency for capital markets.
Best rates
More affordable loan rates.
Better chain
A more robust and dependable supply chain.
Secutiy
Safer operations.
Benefits
Global, open and decentralized network for business transaction.
Tracking and validation for all business transactions.
Trade transaction lockup.
