The adoption of Teranode can support accountants and auditors by improving the efficiency of auditing transaction volumes and safeguarding privacy. This is the view of Martin Coxall (Director of Growth at BSV Blockchain) who recently penned an op-ed for the International Accounting Bulletin.
Coxall explains that trust is fundamental in accounting, as accurate financial recording and reporting are crucial for business credibility. Blockchain technology offers a modern solution to strengthen trust, functioning as a secure, immutable ledger that reduces the potential for human error and fraud.
He said blockchain could transform accounting by creating a network where data entries are transparent, tamper-resistant, and easily auditable. The BSV blockchain, in particular, addresses the critical needs for high speed and scalability through its Teranode software supported by Aerospike, making it a strong candidate for integrating blockchain into accounting practices. Much like double-entry accounting professionalized record-keeping centuries ago, blockchain introduces a new level of security and transparency.
Double-entry vs triple-entry accounting
The concept of triple-entry accounting builds upon the traditional double-entry system by adding a third, immutable record in a blockchain ledger, thereby reducing reliance on manual checks. This third entry, time-stamped and publicly verifiable, provides a single source of truth independently managed by the blockchain network.
Unlike traditional ledgers, which can be manipulated or kept in multiple versions, the blockchain ledger offers a universally accessible, tamper-proof record of transactions. This digital ledger removes the need for separate fictional ledgers and aligns recorded transactions directly with actual events, creating a transparent, real-time view of businbsvbess activities.
The triple-entry system’s transparency is ensured through a structure where various participants—including mining nodes, developers, service providers, and public observers—collectively contribute to its integrity. This ecosystem enhances accountability and incentivizes participants to maintain accurate records since their roles and actions are visible to others and the public.
Teranode is a game-changer
Teranode is a new node software for the BSV blockchain, designed to significantly enhance the network’s efficiency and scalability. Unlike traditional nodes, Teranode operates using a microservices architecture, which allows it to parallelize processes and handle a much larger volume of transactions.
By leveraging this architecture, Teranode aims to push the boundaries of blockchain scalability, targeting an unprecedented one million transactions per second. This update is not just about increasing capacity; it also focuses on improving the overall performance and reliability of the BSV network.
With features like low transaction costs, stability, and regulatory compliance, Teranode positions the BSV blockchain as a resilient solution for large-scale, transparent financial reporting in line with both business and regulatory demands.
BSV Blockchain is pleased to announce that it will attend the upcoming Kampala Blockchain Summit. The summit, which takes place on 1 November 2024, is geared towards unlocking opportunities in Africa through blockchain and will feature a keynote address from the Deputy Governor of the Central Bank of Uganda.
Attendees can expect panel sessions with key stakeholders on regulation, enterprise, academia and industry experts. Other topics which will be covered at the event include:
- Real-world applications: Connect with industry leaders, regulators, and innovators to build valuable relationships and collaborations in the blockchain space.
- Expert insights: Gain knowledge from keynote speakers and panellists, including top professionals from the Central Bank of Uganda and leading blockchain organisations.
- Future trends: Stay ahead of the curve by exploring emerging trends and regulatory developments that will shape the future of blockchain in Africa.
- Networking opportunities: Connect with industry leaders, regulators, and innovators to build valuable relationships and collaborations in the blockchain space.
Key speakers at the event will include:
- Michael Atingi-Ego (Deputy Governor, Bank of Uganda);
- Josephine Okui (CEO, Capital Markets Authority);
- Fred Percy Kisa (Transformation Executive, National Social Security Fund – NSSF Uganda);
- Cyrus Barigye (Director ICT Systems and Security Financial Intelligence Authority FIA Uganda);
- Thomas Giacomo (Director of Utilisation at BSV Blockchain);
- Aleksander Góra (Head of Strategic Partnerships at BSV blockchain);
- Boleslaw Kruszewski (Product Manager Stablecoin at BSV Blockchain);
- David Gonahasa (Team Lead Industry 4.0+ Bureau, STI);
- Peter BenHur Nyeko (Co-Founder of Mandulis Energy);
- Allan Lwetabe (Director of Investments at the Deposit Protection Fund).
‘The BSV Blockchain has seen significant growth in East Africa and Uganda in particular in recent years as enterprises and start-ups in the region recognise the true value of the technology, said Thomas Giacomo (Director of Utilisation at BSV Blockchain).
‘We see significant growth opportunities in the enterprise and government space and this summit is an excellent opportunity to reach out to our rapidly growing BSV blockchain community in Africa and connect with others in the space to collaborate and grow. This includes the ongoing UGX stablecoin project which we believe has significant potential,’ he said.
You can find out more about registering for the event here.
The BSV blockchain in Uganda
The BSV blockchain already has a healthy presence in Uganda with companies such as KitePesa using the BSV blockchain as the basis for its stablecoin project, which is pegged to the Ugandan shilling (UGX).
KitePesa aims to facilitate easy money transfers, bill payments, and movement of funds among various market players. Thanks to the BSV blockchain, it can do this reliably and at a significantly lower cost.
Leveraging BSV’s open-source components, KitePesa allows for micropayments, enabling transactions as small as a thousandth of a dollar, and is built on resilient, scalable infrastructure capable of handling up to one million transactions per second.
The system will support programmable money, allowing for smart contracts and tokenisation of assets like real estate and precious metals. In this way, KitePesa is well ahead of other conventional forms of mobile money and provides users and service providers with many additional usage and application options.
