BLOCKCHAIN BASED TRIPLE ENTRY ACCOUNTING

BLOCKCHAIN BASED TRIPLE ACCOUNTING SYSTEM

BLOCKCHAIN BASED TRIPLE ACCOUNTING SYSTEM

BLOCKCHAIN BASED TRIPLE ACCOUNTING SYSTEM

Transparent on execution, private on data

Transparant on execution, private on data

Transparant on execution,

private on data

Combatting VAT fraud, reduce the administrative burden of companies and increase compliance.

Combatting VAT fraud, reduce the administrative burden of companies and increase compliance.

BLOCKCHAIN BASED TRIPLE ACCOUNTING SYSTEM

BLOCKCHAIN BASED TRIPLE ACCOUNTING SYSTEM

BLOCKCHAIN BASED TRIPLE ENTRY ACCOUNTING

BLOCKCHAIN BASED TRIPLE ENTRY ACCOUNTING

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New Cryptographic Building blocks

New Cryptographic Building blocks

Combatting VAT fraud, reduce the administrative burden of companies and increase compliance.

We are building the world’s first blockchain based, real-time, decentralised, and most importantly confidential triple entry accounting system. The registration of accounting entries in an external ledger allows for many applications and improvements in compliance. For the first time, Missing Trader Intra Community Fraud can be eliminated without collecting excessive taxpayer data. Only by focusing on privacy from the start and by maintaining a privacy-by-design philosophy can we create an encrypted and truly safe system.

The problem

The relative ease with which various forms of invoicing fraud can occur today has lead to a VAT-gap of 151.5 billion EUR per year in the EU alone, of which an estimated 50 billion is due to Missing Trader Intra Community Fraud. As seen in the animation, companies disappear before they pay their collected VAT to the Tax Authority.

Combatting VAT fraud, reduce the administrative burden of companies and increase compliance.

We are building the world’s first blockchain based, real-time, decentralised, and most importantly confidential triple entry accounting system. The registration of accounting entries in an external ledger allows for many applications and improvements in compliance. For the first time, Missing Trader Intra Community Fraud can be eliminated without collecting excessive taxpayer data. Only by focusing on privacy from the start and by maintaining a privacy-by-design philosophy can we create an encrypted and truly safe system.

The problem

The relative ease with which various forms of invoicing fraud can occur today has lead to a VAT-gap of 151.5 billion EUR per year in the EU alone, of which an estimated 50 billion is due to Missing Trader Intra Community Fraud. As seen in the animation, companies disappear before they pay their collected VAT to the Tax Authority.

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What are we doing?

What are we doing?

Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate.


Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate  other applications based on the data. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively to and provide confidentiality.


To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.

Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate.


Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate  other applications based on the data. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively toand provide confidentiality.


To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.

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What are we doing?

What are we doing?

Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate.


Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate  other applications based on the data. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively to and provide confidentiality.


To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.

Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate.


Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate  other applications based on the data. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively toand provide confidentiality.


To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.

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The future of invoicing

Tax administrations can soon combat VAT fraud, maintain the confidentiality of companies and increase compliance. Meanwhile, once society makes use of triple entry accounting, factoring agencies, accountancy software providers and individual developers will be able to make use of the fact that the integrity and authenticity of an invoice can be validated more easily.


Go to our Application overview to find out what our system can do for you!

© 2018 All rights reserved.
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This project has received funding from the European Union’s Horizon 2020 research and innovation programme. (link)