Lecture

Triple Entry Accounting

Graph Chat

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.

Description

This lecture explores the concept of Triple Entry Accounting, a revolutionary system proposed by Ian Grigg in 2005, which introduces a third entry to traditional double-entry accounting. It delves into the benefits of this system, such as increased data integrity, real-time auditing, and automation, as well as its application in blockchain technology and cryptocurrencies like Bitcoin. The presentation discusses the challenges of traditional accounting methods, the advantages of Distributed Ledger Technology-based Triple Entry Accounting, and the potential impact on various financial processes, including invoicing, settlement, and auditing.

Official source

Related concepts (21)

Blockchain

A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves). Since each block contains information about the previous block, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it.

Cryptocurrency

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.

Cryptocurrency and crime

Cryptocurrency and crime describes notable examples of cybercrime related to theft (or the otherwise illegal acquisition) of cryptocurrencies and some of the methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that has been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrencies. According to blockchain analysis company Chainalysis, .

Cryptocurrency exchange

A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.

Cryptocurrency wallet

A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction (see "bitcoin transaction" image), identification or legally signing a 'document' (see "application form" image).

Related lectures (40)

Blockchain Fundamentals

Explores the financial applications of blockchains, covering the definition, history, Ethereum, decentralized finance, smart contracts, tokens, assessment methods, challenges of double spending, digital signatures, and cryptographic hash functions.

Technologies for Democratic Society

Explores blockchain, smart contracts, decentralized governance, and the challenges faced by technologies like DAOs.

Blockchain Fundamentals: Overview and Use Cases

Provides an overview of blockchain technology, covering its history, key elements, use cases in different industries, and technical challenges.

Illicit Activities on Blockchain

Explores the prevalence of illicit activities on the blockchain and the challenges in tracking and preventing such activities.

DLT: Real-World Applications