Open Ledger Accounting

This is a guest post from Digital Currency Council Member Marty Zigman. Recently, I gave a webcast presentation to AICPA members to help accounting professionals understand Bitcoin and how to treat it on the general ledger. If you are an AICPA member, the webcast is available for your viewing. In this article, the key points from that presentation are outlined and will help accountants fundamentally understand and approach business based Bitcoin transactions. Bitcoin and General Ledger Treatment. There are three key processes that ultimately produce different accounting practices and....

Coinprism, the blockchain technology company that developed the Open Assets standard "colored coins" that is now used by the likes of NASDAQ and Overstock has released Openchain, an open source distributed ledger targeting financial institutions. Openchain, unlike bitcoin is based on a central, distributed ledger that will allow any enterprise user, company or an institution to use their own version of the chain. This functionality helps with lowering costs, reducing transaction times and Openchain users can also use the chain to interconnect with each other. Instead of transactions being....

Blockchain representatives from each of the 'Big Four' accounting firms are set to meet this morning with the American Institute of Certified Public Accountants to discuss establishing a distributed ledger consortium. Held at Microsoft's headquarters in New York City, the event marks the first meeting between blockchain specialists from Deloitte, Ernst & Young, KPMG and PwC. Collectively, the accounting firms in attendance last year generated $123.7bn revenue. The gathering is being hosted by ethereum-focused startup Consensys. According to Consensys head of blockchain accounting,....

The four major accounting firms in the world are set to meet with the American Institute of Certified Public Accountants to discuss the establishment of a distributed ledger consortium. Known as the 'Big Four', Deloitte, Ernst & Young, KPMG and PwC will be looking at various Blockchain solutions for the accounting sector just as the R3 Consortium - which has over 50 members - has been doing the financial sector. R3 seems to have set a trend. R3 and over 15 of its consortium member banks recently successfully completed two prototypes which demonstrate how distributed ledger technology can....

IBM is heading an open source project called the "Open Ledger Project" that is overseen by the Linux Foundation and includes major tech and banking giants. In essence, the Open Ledger Project will ostensibly lead to the creation of a pseudo-private(?) but open-source ledger that is likely to have applications beyond its participants, according to reports. Although details are currently limited to reports by WIRED, Fortune and Bloomberg, IBM has laid the foundation for a new open-source blockchain with the Open Ledger Project that is supported by the likes of Intel and Cisco in the tech....