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Blockchain as a Tool for Tomorrow’s AccountingIn a few years’ time, paying in real time, 24/7, will be the norm. In this challenge, you will create a platform based on distributed ledger technology on which companies’ accounting movements can be automated.KeywordsBlockchain interoperability, payment system, direct payment, Payment transaction, Electronic invoice, Document management system, Privacy, Security, Digital currencies, Stablecoins, ERP systemSubmit your project idea to us by creating a jointcreate venture. We will guide your project through the process.What’s in it for you?We help you to further develop your idea and to build a team around the project.We connect you with corporate partners and mentors from academia who can help you take your idea to the next level.You may get invited to the incubation program of our partner CV VC, which comes with the opportunity to receive up to CHF 125,000 in funding from CV VC in exchange for 10% equity.Details of the ChallengeWith this project we want to create a shared DLT platform where to automate corporate accounting flows (liquidity, creditors, debtors and wages), integrating information flows deriving from movements in traditional currency (FIAT) and cryptographic currency (stable coins) in a 100% paperless accounting standard and automatically integrating these financial transaction in tradition companies balance sheet/accounting systems.With the introduction of electronic invoicing, payment transactions are demonstrating that they are moving quickly towards a concept of decentralization, opening the door to further challenges in a sector where Switzerland has always played a leading role.In our vision, in a few years, paying in real time 24 hours a day will be the norm and digital currencies will allow direct (P2P) and paperless operations, further transforming payment methods and consequently business management tools.The project focuses on the typical corporate transactional management (customers, suppliers, HR), favoring a direct, automatic and decentralized payment execution allowing accounting management and a budget including digital currencies. The project enriches these functions with document management features capable of generating, sharing and archiving any form of proof of transactions in a decentralized, digital, shared and paperless way: contracts, orders, invoices, receipts and sharing of electronic documents to and from third parties (bank statements, audit reports).Expectations for Idea/Solution submitted The idea solves the problem of efficient management of shared information typical of current blockchain systems (space, energy and costs) and is based on the following 3 principles:Payment transaction automationefficient sharing of information and sharing of electronic documents (orders, bills, invoices, ..)privacy and security.With this project we want to create a shared DLT platform where to automate corporate accounting flows (liquidity, creditors, debtors and wages), integrating information flows deriving from movements in traditional currency (FIAT) and cryptographic currency (stable coins) in a 100% paperless accounting standard and automatically integrating these financial transaction in tradition companies balance sheet/accounting systems. The automatisms offered by special smart contracts together blockchain interoperability will take over the automation of much of the administrative work, reducing costs and manual activities, increasing trust, transparency, profit and competitiveness of the company.

Challenge Metadata

• Challenge Name: Decentralized ERP system and digital currencies enabled accounting and balance sheet
• Date: 3/29/2021 11:38:20 AM
• Administrators:
  • Nicolai Ruh  | 
  • Giacomo Poretti

Challenge Description

Blockchain as a Tool for Tomorrow’s Accounting

In a few years’ time, paying in real time, 24/7, will be the norm. In this challenge, you will create a platform based on distributed ledger technology on which companies’ accounting movements can be automated.

Keywords

Blockchain interoperability, payment system, direct payment, Payment transaction, Electronic invoice, Document management system, Privacy, Security, Digital currencies, Stablecoins, ERP system

Submit your project idea to us by creating a jointcreate venture. We will guide your project through the process.

What’s in it for you?

1. We help you to further develop your idea and to build a team around the project.
2. We connect you with corporate partners and mentors from academia who can help you take your idea to the next level.
3. You may get invited to the incubation program of our partner CV VC, which comes with the opportunity to receive up to CHF 125,000 in funding from CV VC in exchange for 10% equity.

Details of the Challenge

With this project we want to create a shared DLT platform where to automate corporate accounting flows (liquidity, creditors, debtors and wages), integrating information flows deriving from movements in traditional currency (FIAT) and cryptographic currency (stable coins) in a 100% paperless accounting standard and automatically integrating these financial transaction in tradition companies balance sheet/accounting systems.

With the introduction of electronic invoicing, payment transactions are demonstrating that they are moving quickly towards a concept of decentralization, opening the door to further challenges in a sector where Switzerland has always played a leading role.

In our vision, in a few years, paying in real time 24 hours a day will be the norm and digital currencies will allow direct (P2P) and paperless operations, further transforming payment methods and consequently business management tools.

The project focuses on the typical corporate transactional management (customers, suppliers, HR), favoring a direct, automatic and decentralized payment execution allowing accounting management and a budget including digital currencies. The project enriches these functions with document management features capable of generating, sharing and archiving any form of proof of transactions in a decentralized, digital, shared and paperless way: contracts, orders, invoices, receipts and sharing of electronic documents to and from third parties (bank statements, audit reports).

Expectations for Idea/Solution submitted

The idea solves the problem of efficient management of shared information typical of current blockchain systems (space, energy and costs) and is based on the following 3 principles:

1. Payment transaction automation
2. efficient sharing of information and sharing of electronic documents (orders, bills, invoices, ..)
3. privacy and security.

With this project we want to create a shared DLT platform where to automate corporate accounting flows (liquidity, creditors, debtors and wages), integrating information flows deriving from movements in traditional currency (FIAT) and cryptographic currency (stable coins) in a 100% paperless accounting standard and automatically integrating these financial transaction in tradition companies balance sheet/accounting systems. The automatisms offered by special smart contracts together blockchain interoperability will take over the automation of much of the administrative work, reducing costs and manual activities, increasing trust, transparency, profit and competitiveness of the company.