AUSTIN, Texas, April 18, 2018 /PRNewswire/ -- GovernanceChain, a new company that simplifies multiple technological resources by bringing them to users in one easy-to-use platform, has just launched their first product. Track.Capital works with a customer's existing accounting solution to provide an immutable third ledger to ensure that all parties reach agreement on all transactions.
Track.Capital provides triple entry accounting with a universal third-party ledger, all built on blockchain technology. Triple entry accounting provides an enhancement to the traditional double entry system by ensuring all accounting entries involving outside parties are cryptographically sealed by a third entry. Placed side by side, the bookkeeping entries of both parties to a given transaction are congruent.
It's straightforward and secure. Traditionally, a seller would book a debit to account for cash received, while a buyer would book a credit for cash spent in the same transaction, but in separate sets of accounting records. With Track.Capital rather than these entries occurring separately in independent sets of books, they occur in the form of a transfer between wallet addresses in the same distributed, public ledger, creating an interlocking system of enduring accounting records.
The entries are distributed and cryptographically sealed, falsifying them in a credible way or destroying them to conceal activity is practically impossible. There are several benefits for customers using Track.Capital.
"We strongly believe that triple entry accounting is a door for a new prosperous era, with better corporate governance for big companies, more funding for small and medium business, a rising market for auditing companies and less time to build M&A deals," says Luiz Thome, CEO of GovernanceChain.
GovernanceChain uses technology as a gateway for entrepreneurs to access valuable resources allowing customers, employees and the entire community to make their lives better. For more information, visit GovernanceChain.com.