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The Triple Entry Accounting (TEA) Conference will return to Malta from April 25-26 for its second edition. This meeting of minds is dedicated to building a more transparent, secure, and reliable accounting future. Traditional accounting systems, such as double-entry bookkeeping, are prone to fraud and human error, but TEA introduces a framework to prevent these vulnerabilities.
TEA includes a third, immutable entry shared by all parties involved, guaranteeing accurate, accountable, and trustworthy accounting systems. Utilizing public, scalable blockchain, TEA creates tamper-evident, decentralized ledgers, addressing the challenges associated with traditional accounting systems.
“Public scalable blockchain can provide a base on which to mount an accounting system that builds on TEA,” shared Ian Grigg, TEA Conference Chair.
“The starting point is that the transactions on blockchain are TEA, as (a) the (2 or more) primary parties can negotiate each transaction to their needs, (b) the blockchain settles the transaction in concrete, and (c) the outcome is the one record on the blockchain that they all share 3 ways,” he explained.
“The blockchain doesn’t have to be public to run your accounting on it, but because of the need to share the records inter-firm, if a blockchain is used to share the final outcome receipt, it will naturally scale to many firms and it will become public as more firms join,” Grigg said.
“Any such mechanism certainly needs to be scalable, as nobody wants an accounting system that spikes up to $10 fees on simple transactions on an arbitrary basis,” he added.
Sponsored by Exponential Science of London, the second TEA is now a combined academic and commercial conference that will feature two panel discussions on commercial developments in the field of TEA.
When asked what changes have been made to the event since the first TEA in 2023, Grigg emphasized the inclusion of more commercial activity.
“The first was all academic, so each of the papers and presentations had to run the gauntlet of harsh peer review. This time, we’re adding a few commercially minded presentations so as to round out the knowledge and ground it in business a little more,” he said.
The TEA Conference will also cover topics such as how to build an unhackable exchange (an optimistic title, according to Grigg), repairing balance sheets for banks in distress by imposing TEA-based swaps, preserving privacy and mitigating risks in healthcare, and implementing TEA in audit processes.
The event promises to bring together researchers, practitioners, and regulators to discuss TEA and explore how it can improve industries like supply chain management, auditing, trade, and more.
“The main purpose is to bring together those practitioners who are working towards TEA, so that we can cross-pollinate and learn from each other,” Grigg said.
“Last year, we had some exciting results that surprised me, such as the ability to do TEA in only one company and then migrate out one by one. Previously, we were limited to at least doing pairs of companies at a time, and that did not scale. One company by itself does scale!” he added.
According to Grigg, the reception from the first conference was fantastic and everyone was involved in TEA at some level. We can surely expect the same from the second conference.
“It’s refreshing to get away from the mass-event scene and focus deeply on one particular topic with people who are all familiar with it,” Grigg said.
We at CoinGeek look forward to attending the second TEA conference and hope to see you there! Stay tuned for our video coverage of the event and live updates via our social media channels.
Watch: Utilizing Triple Entry Accounting
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