The Advanced Accounting Ledger on the Blockchain


Blockchain technology

Ledger systems

Blockchain is a ledger can be written onto with new information, but the previous information, stored in blocks, cannot be edited, adjusted or changed. Blockchains are based on a consensus-driven mechanism, with mathematical proof and decentralized databases is a solution to the above issues. The features of the Blockchain are its game changing technology. Any digital form of asset certification, recording, registration, storage, trading, payment, circulation can be achieved through the Blockchain. The main advantage of the Blockchain is that it requires no intermediary participation, the process is efficient and transparent, the cost is low, and the data is highly secure.


Ledger systems

Auditors generally use confirmations as the substantive procedure during an audit. This process involves obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions. the current audit confirmation process is slow and resource intensive, only a small sample of transactions are audited, there is a high degree of errors and overall still prone to fraud. With Ledgerium capturing every transaction and writing it onto the blockchain and the use of smart contracts to acknowledge and confirm that the transaction has occurred, significant time and cost savings can be achieved.


Ledger systems

Security and Privacy are major concerns for all networked systems. As such, two key critical components in the ecosystem will address this concern;
Identity Platform (LIP): allows users, including individuals, companies, accountants, institutions and governments to register to the Ledgerium network, having authenticated accesses through our website or mobile application.
File System (LFS): based on IPFS’ distributed file system to provide secure, efficient file store to users across Ledgerium.

Who needs ledgerium

Business entities need to be audited

Non-commercial subjects need to be audited

Small and medium business need investment

Blockchain related business

Audit firms and government authorities

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