[fc-discuss] Financial Cryptography Update: Ian Grigg - Triple Entry Accounting

iang@iang.org iang@iang.org
Sun, 26 Jun 2005 19:51:45 +0100 (BST)


(( Financial Cryptography Update: Ian Grigg - Triple Entry Accounting ))

                             June 26, 2005


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https://www.financialcryptography.com/mt/archives/000501.html



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It was widely recognised since David Chaum's designs first appeared
that the new 'digital certificate' model of money was not aligned or
symmetrical with accounting techniques such as double entry book
keeping.  Many people expected the two to compete and indeed many money
systems avoided combining them;  this is I believe one of the few
efforts to integrate the two and show them as better in combination
than apart.


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Triple Entry Accounting

The digitally signed receipt, an innovation from financial
cryptography, presents a challenge to classical double entry
bookkeeping. Rather than compete, the two melded together form a
stronger system. Expanding the usage of accounting into the wider
domain of digital cash gives 3 local entries for each of 3 roles, the
result of which we call triple entry accounting. 

 This system creates bullet proof accounting systems for aggressive
uses and users. It not only lowers costs by delivering reliable and
supported accounting, it makes much stronger governance possible in a
way that positively impacts on the future needs of corporate and public
accounting.

http://iang.org/papers/triple_entry.html
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