Episode 8 | Torje Vingen Sunde from Abendum on building an MVP on Triple Entry Accounting as a service

The topic Triple Entry Accounting was introduced on this podcast in Episode 4 with Juan Ignacio Ibanez. For the listeners not familiar with the idea, Triple Entry Accounting is an evolution of the double entry accounting system, and it uses blockchain technology to overcome the trust concern in bookkeeping. I was curious to unravel how companies are using the theoretical concept of triple entry accounting to gather empirical evidence and commercialize it as a service. The challenge for use cases in blockchain is to move from proof of concept to commercialization while achieving scalability, cost effectiveness and security. For the first episode on a series dedicated to how #TripleEntryAccounting can be used as a service, I have the pleasure to have Torje Vingen Sunde, the Chief Technology Officer from Abendum Abendum has developed a beta version of their triple entry accounting offering using a public blockchain and has been testing it with the help of the Norwegian regulator using a sandbox environment. In this episode, you will learn; How Abendum has created a product using the idea of Triple Entry Accounting; How an invoice gets digitally signed and recorded on a public ledger in practice; The challenges and conclusions learnt from the beta version of Abendum so far; The key enablers to transition from double entry accounting to triple entry accounting; The future role of accountants with automation; And much more.. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Now traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. #AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcast/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits