Blockchain entertainment studio SingularDTV has announced 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 a plan that will lead to continuous real-time assurance of SingularDTV’s outgoing, incoming and internal financial transactions.
Zach LeBeau, CEO of SingularDTV commented: “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.”
When SingularDTV’s upcoming token launch has concluded, Balanc3 will record, classify and make public all SingularDTV transactions that occur in ETH. A process to record, classify and make public all non-ETH transactions is also underway.
Head of Blockchain Accounting at ConsenSys, Griffin Anderson said: “This is the first step in a series of steps to make financial information more transparent.”
Triple entry accounting is an alternative accountancy system where, as the name suggests, a third entry is also recorded. This 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 in order to make it more difficult for entities to record fraudulent or human errors.
Arie Levy Cohen, CFO of SingularDTV stated: “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.”