SingularDTV will incorporate Balanc3’s triple entry accounting application onto its platform.
The partnership will set the standards on recording transparent transactions.
“Balanc3 will record, classify and make public SingularDTV transactions that occur in ETH. A process to record, classify and make public all non-ETH transactions is also underway,” as stated in the press release.
Both companies worked under the venture production studio ConsenSys. Balanc3 is an application developed by the studio to assist businesses built on the Ethereum blockchain by providing them with transparent accounting solutions. SingularDTV partnered with ConsenSys to create a rights management platform operated through smart contracts.
Read the press release below:
Balanc3 to Assure Financial Transparency for SingularDTV
SingularDTV Commits to Complete Corporate Transparency
NEW YORK, Aug. 30, 2016 /PRNewswire/ -- SingularDTV announces plans to integrate triple entry accounting application Balanc3 into its operations to set a new standard of corporate transparency.
Balanc3, an application developed by venture production studio ConsenSys, delivers immutable and transparent accounting solutions for businesses powered by the Ethereum blockchain. SingularDTV and Balanc3 are currently establishing the roadmap that will lead to continuous realtime assurance of SingularDTV's outgoing, incoming and internal financial transactions.
Zach LeBeau, CEO of SingularDTV comments, "We're committed to building a completely transparent and decentralized entertainment industry. This means SingularDTV must be completely transparent as well, from how much we pay our team, to how much our software or television projects cost to produce."
At the conclusion of SingularDTV's upcoming token launch, Balanc3 will record, classify and make public SingularDTV transactions that occur in ETH. A process to record, classify and make public all non-ETH transactions is also underway.
Griffin Anderson, Head of Blockchain Accounting at ConsenSys comments, "This is the first step in a series of steps to make financial information more transparent."
Triple entry accounting is an alternative accountancy system. Unlike the traditional double entry system, a third entry is also recorded. The entry acts like a digitally-signed receipt and is evidential proof of a transactional event's existence. The signed receipt involves three parties: two counterparties and an issuer. Thus, making it more difficult for entities to record fraudulent or human errors.
Arie Levy Cohen, CFO of SingularDTV states, "Transparency is not only a core ethos and value-prop for the SingularDTV team, it underpins the mechanics of the technology that drives our platform. For us tasked with the responsibility of managing the finances of the company and its accounting practices, it almost renders my mechanical roles as obsolete. SingularDTV's mutualized and synchronized golden truth transcends current obfuscated accounting practices."