07 Nov Block Ledger wins more than entry to EY foundry
Block Ledger believes that its entry into EY’s Foundry project will kickstart its growth plans.
“As a start-up you struggle for profile, ideas and connections. Winning entry to the EY Foundry will benefit our growth. You like to think you are on the right path for success and we feel that feedback from some of the world’s best business minds can only assist us in growing more nimbly and sustainably,” said Ivan Cheah, CEO, Block Ledger.
Block Ledger’s seeks to disrupt the accounting and auditing industry by capturing quality transactions via its Luca+ platform and storing onto its proprietary blockchain, Ledgerium. In doing so, auditors can now audit close to 100% of transactions at a fraction of the cost and time compared to traditional methods involving manually going through line by line for any abnormalities.
One of the key selection criteria for the EY Foundry is whether the product and/or service is beneficial or have synergies with their existing business, followed by how easy it is to scale and roll out. Given these it made logical sense for Block Ledger to selected.
Over 150 teams and projects applied to the EY Foundry program. Only 8 were shortlisted to pitch, with 4 selected to be part of the second EY Foundry cohort in Sydney. Aside from Block Ledger, the other 3 teams were in HRtech and Regtech.
What is Block Ledger?
Block Ledger consists of two products, Luca+ and Ledgerium Blockchain where together enables functions such as e-invoicing, audit trail, financial reconciliation and change reports, credit and risk rating, and invoice financing and factoring.
Learn more about us on our website: https://theblockledger.net
Luca+ is a middleware SAAS platform that connects to any business tools and applications through open APIs. In doing so, the information collect creates a holistic view of the client along with providing seamless connectivity to their suppliers and customers. The business tools and applications include but not limited to are
- Accounting Software such as Xero, MYOB and Intuit Quickbooks
- Banks and Financial Institutions – currently connected to 73 Australian and New Zealand banks
- Payment Gateways and Point of Sale Systems such as Paypal, Stripe and Square
- ERP and CRM Platforms such as SAP, Oracle and Salesforce
- Government Agencies which Block Ledger is currently in talks with the Australian Tax Office
To learn more about Luca+ please visit the lucaplus website. https://lucaplus.com
Block Ledger has launched the Ledgerium chain to enable all our audit and tax partners to realise the benefits by being a part of the block producers. Ledgerium is a consortium, masternode based chain, based on the work JP Morgan have done on the quorum project.
Ledgerium features a single block finality, 5 second block time and extremely fast throughput. We will launch initially with 21 block producers (masternodes) and expand to 100. Utilizing our own micro-services architecture and the built in privacy in quorum, the Ledgerium chain will be the first chain that allows you to access open banking data, e-invoicing access points and a whole range of features to bridge the financial world with a decentralised immutable ledger.
To learn more about Ledgerium, please visit https://ledgerium.io.