Episode 8

Torje Vingen Sunde from Abendum on building an MVP on Triple Entry Accounting as a service

Torje Vingen Sunde from Abendum on building an MVP on Triple Entry Accounting as a service

What We Discuss With Torje Vingen Sunde

The topic Triple Entry Accounting was introduced on this podcast in Episode 4 with Juan Ignacio Ibanez. For the listeners not familiar with the idea, Triple Entry Accounting is an evolution of the double entry accounting system, and it uses blockchain technology to overcome the trust concern in bookkeeping.

I was curious to unravel how companies are using the theoretical concept of triple entry accounting to gather empirical evidence and commercialize it as a service.

The challenge for use cases in blockchain is to move from proof of concept to commercialization while achieving scalability, cost effectiveness and security.

For the first episode on a series dedicated to how Triple Entry Accounting can be used as a service, I came across Abendum who has developed a beta version of their triple entry accounting offering using a public blockchain and has been testing it with the help of the Norwegian regulator using a sandbox environment.

In this episode, you will learn;

  • How Abendum has created a product using the idea of Triple Entry Accounting;
  • How an invoice gets digitally signed and recorded on a public ledger in practice;
  • The challenges and conclusions learnt from the beta version of Abendum so far;
  • The key enablers to transition from double entry accounting to triple entry accounting;
  • The future role of accountants with automation;
  • And much more.
Connect with
Torje Vingen Sunde
CTO @ Abendum
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