Bringing traditional businesses’ accounting to the blockchain
Bringing traditional businesses’ accounting to the blockchain will have a significant impact on the compliance process certifying all the accounting and reporting information. This will make accounting information non-repudiable, inalterable and will bring accounting transparency to another level by letting everyone verify the information the company makes public.
The blockchain is about more than just transparency; it is also about accuracy and trust. The Bitcoin Protocol builds confidence between people because they do not have to trust the goodness of validators, but rather the code.
To truly modernize the accounting and compliance industry, it is vital to automate and standardize the accounting process so that those who read accounting data and verify it on the blockchain are unable to doubt the veracity of the registrations.
Benefits will be huge as automating accounting of all financial and economic events will be account when they happen. The management and decision making process will change making strategic decisions based on up-to-date informations. The relation with stakeholders will also change. A company looking for fundings or loans will be able to give to banks and interested investors the credit score and all balance KPIs updated to the day before, true and certified.
AI applied to accounting
All the features are carried out by Artificial Intelligence algorithms of the Natural Language Processing (NLP) type specialized in human language processing and its classification. The accuracy and capabilities of these algorithms are continuously improved thanks to the BERT machine learning system.
By subjecting previous recordings, historical behaviors and previously incorrectly classified and corrected documents to algorithmic models, these through machine learning are able to adapt to new documents and learn from their mistakes. The data useful for the machine learning process are provided by the manual feedback of the accountants who intervene in the rare cases in which the algorithmic models cannot recognize the values of a document because they are out of the ordinary.
What is Xriba Books?
XribaBooks is the first product made by Xriba companies, it uses artificial intelligence to automate companies' accounting. It is a platform that is made available to accountants or companies that keep accounts internally. It is already used by about 3,000 companies and integrates seamlessly with enterprise IT systems by adapting to all accounting needs.
What is Xriba Sidechain?
Xriba Side Chain is the layer 2 of Xriba that compresses through the Merkle Tree method the records of documents and economic and financial events of companies and then carries out a transaction on the Bitcoin network and creates the proof of existence.
The main problem in generating proof of existence is efficiency.
Given the costs reached by the fees on the most secure blockchains (Bitcoin and Ethereum) it is evident that sending a transaction on the blockchain for each registration is economically unsustainable and makes the success of registrations uncertain as decentralized blockchains can carry out a limited number of transactions per second.
Xriba decided to solve the problem of efficiency and cost-effectiveness through the creation of a centralized side chain system.