Block Ledger was established in March 2018 when two accountants were first introduced to bitcoin. They quickly discovered that this technology removed one of the oldest problems in accounting, the source of trust. With this in mind, they recruited Faisal (the CTO) to see how it could be applied to modern day accountancy. It was very evident from day one that this project aimed to use the blockchain for its first and foremost use-case. As a ledger.
With the goal of disrupting the accounting and auditing industry, the idea was simple – how do we make all the low value add, high cost and time consuming work redundant that relies upon trust such as bookkeeping and transaction confirmations? As accountants already rely on a double ledger entry accounting system to do their work, it made natural sense to take the next step and adopt a triple entry accounting system where the third entry is stored on a blockchain – which is essentially a digital ledger. Moreover, given blockchain’s immutable nature the third entry will become the trusted source of truth.
Today we boast a team that spans 6 countries, with engineers, accountants and auditors.
To accelerate the adoption of Ledgerium Blockchain and be relevant to an industry which is generally considered conservative and technology laggards, Luca+ was created. The name Luca+ pays homage to the father of the double entry accounting system, Luca Pacioli.
Luca+ is a middleware SAAS based application which connects business and finance tools, allowing the communication and transfer of data between different platforms. Combining this with the Ledgerium Blockchain and AI/Machine Learning, the following features were developed beyond just audit confirmations as originally intended
- Account Reconciliation
- Audit Trail and Transparency
- Credit and Risk Scoring
- Financial Documentation
- Legal Documentation
- Invoice Financing and Factoring
Ledgerium aims to create a consortium based network that allows consortium members to vote in other members, and vote them out all based on a protocol level smart contract. The project aims to provide greater decentralisation and autonomous governance in the hands of those producing blocks. The project will always aim to stay as close to current ethereum development as possible and yet at the same time provide a network that uses an alternate protocol.
While most other projects are aiming for greater throughputs at the cost of decentralisation, ledgerium believes there is a need for an enterprise level consortium chain and we aim to cater that market. The enterprise market has a unique set of requirements, including enterprise level support, tools and community. Being in a unique position where we already have products and services available to utilise the tech under our parent company The Block Ledger and the team that comes from audit, finance and tech we think we can help bring this to mass usage in current financial systems as a world-wide ledger.