SingularDTV improves financial transparency with Balanc3

Rage Review : Blockchain entertainment platform SingularDTV announced the integration of triple-entry accounting application Balanc3 to set a new standard for corporate transparency. Balanc3 is an application developed by blockchain startup ConsenSys, which provides enterprises with transparent and tamper-proof financial solutions based on the Ethereum blockchain.

Translation: Annie_Xu

Blockchain entertainment platform SingularDTV has announced the integration of triple-entry accounting application Balanc3 to set a new standard for corporate transparency. Balanc3 is an application developed by blockchain startup ConsenSys that provides transparent and immutable financial solutions for enterprises based on the Ethereum blockchain. Currently, SingularDTV and Balanc3 are working on a plan to ensure the continuity of SingularDTV's real-time financial trading activities.

Zach LeBeau, CEO of SingularDTV, commented:

"We are committed to building a completely transparent and decentralized entertainment industry. This means that SingularDTV must be completely transparent, including team salaries, software development costs, and TV program production costs."

After SingularDTV completes the token issuance, Balanc3 will record, divide and disclose all SingularDTV Ethereum transaction information. At the same time, they are also developing a program to record, divide and disclose the transaction information of tokens other than Ethereum.

Griffin Anderson

Griffin Anderson, head of blockchain finance at ConsenSys, said:

"This is the first step towards increasing transparency of financial information."

Triple-entry bookkeeping is an alternative accounting system that, as the name suggests, requires a third type of account to be recorded. This account is equivalent to a digitally signed receipt, which is proof of the existence of a transaction. This receipt involves three parties: the two parties to the transaction and the issuer who guarantees that no human error or fraudulent information will be recorded.

SingularDTV Chief Financial Officer Arie Levy Cohen said:

"Transparency is not only a core ethic and value of the SingularDTV team, it is also the supporting mechanism of the technology that drives the platform. We are responsible for managing the financial and accounting practices of the enterprise, and mechanical processes are no longer sufficient. SingularDTV's public, synchronized mechanism is superior to the current chaotic accounting practices."