Block Ledger was established in March 2018 with the goal of disrupting the accounting and auditing industry. The idea was simple - how do we make all the low value add, high cost and time consuming work redundant that relies upon trust such as bookkeeping and transaction confirmations? As accountants already rely on a double ledger entry accounting system to do their work, it made natural sense to take the next step and adopt a triple entry accounting system where the third entry is stored on a blockchain - which is essentially a digital ledger. Moreover, given blockchain's immutable nature the third entry will become the trusted source of truth.
With this in mind, Block Ledger looked at the available blockchains in market with the following features
Distributed and Decentralised
Public and Private Transactions
J.P. Morgan's Quorum Protocol was the closest available blockchain but it was only for private/permissioned transactions. Using this as the foundation, Block Ledger created its own blockchain, Ledgerium which can be used for public and private transactions.
To accelerate the adoption of Ledgerium Blockchain and be relevant to an industry which is generally considered conservative and technology laggards, Luca+ was created. The name Luca+ pays homage to the father of the double entry accounting system, Luca Pacioli.
Luca+ is a middleware SAAS based application which connects business and finance tools, allowing the communication and transfer of data between different platforms. Combining this with the Ledgerium Blockchain and AI/Machine Learning, the following features were developed beyond just audit confirmations as originally intended
Audit Trail and Transparency
Credit and Risk Scoring
Invoice Financing and Factoring
In Australia alone the opportunities for the above are enormous. For example, there are 2.2 million businesses connected to the existing invoicing platform which is also their accounting software. On top of that, 1.2 billion invoices are transacted, $3.5Bn AUD spent on audits and $44Bn loaned to small and medium sized businesses annually - all of which will utilise the features of both Ledgerium Blockchain and Luca+. This is only touching the tip of the iceberg given that globally the opportunity will be much larger.