DISTRIBUTED TRUST AND THE IMPACT FOR THE ACCOUNTANT Schnoeckel... · distributed trust and the...

© Exact Group B.V., 2017. All rights belong to their respective owners.

Erich Schnoeckel

DISTRIBUTED TRUSTAND THE IMPACT FOR THE ACCOUNTANT

23 November 2017

© 2017 EXACT

DISCLAIMER

This document contains certain statements and expectations that are forward looking, and which are based on information and plans that are currently available. By their nature, such forward-looking statements and expectations generate risk and uncertainty because they concern factors and events in the future and depend on circumstances that may not occur.

Unforeseen factors that could influence the statements and expectations may, for instance, be changes in expenditures by companies in the markets we operate in; economic, political and foreign exchange fluctuations; possible statutory changes; changes in salary levels of employees; or future takeovers and divestitures.

Exact can therefore not guarantee the accuracy and completeness of such statements and expectations, nor that such statements and expectations will be realized. Actual results may differ materially. Exact refuses to accept any obligation to update statements made in this document.

| CLOUD SOLUTIONS2


Introduction Erich Schnoeckel

• Exact Cloud Solutions

‐ Program Manager Accountancy

‐ Thought Leader Blockchain

• Masters in Business Economics

• Fieldhockey Referee, 4 kids, Amsterdam

• Driving Change, Looking out for challenges in the profession and the way they influence youand me in our daily lives


AGENDA

HISTORIECRYPTO CURRENCIES VS DIGITAL ASSETSBLOCKCHAINSCONSENSUS MECHANISMENAUDITING KANSENUSE CASESTIMELINES


2017

Exact Digital Business Platform

EXACT’S HISTORY

5

The early yearsThe Dutch ‘garage’ IT startup, founded in 1984 by six students

1984 1990 1999 2005 2012Going abroadBelgium, Germany, Poland and other countries

IPO and acquisitions JobBOSS, Macola, MAX

Growth through Focus, Innovation and Simplicity

Launch of Exact Online

1999-2004 2005-20121990-19981984-19892017 -2012-2016


May 2009 Publication of “Bitcoin – a peer to peer electronic cash system”by Satoshi Nakamoto

1982 Publication of “Secure Digital Cash”by David Chaum

1990 Foundation of “DigiCash”First digital money company

December 2005 Publication of “Triple Entry Accounting “by Ian Grigg

Blockchain


Crypto currencies

• Wat is een crypto currency?

• Waarvoor wordt het gebruikt?

• Welke voorbeelden zijn er?

7


Digital Assets

• Wat is een ICO / ITO

• Wat koop ik dan?

• Hoe gebruik ik het?

• Wat is het waard?

10


Het probleem

• 3.7*

• € 20.000 - € 50.000

• 3 tot 4 weken

• > € 4.000

*Interim Justitia – European Payments Report 2017

11


De oplossing

• Registratie van status veranderingen op een Blockchain

• Vertrouwen komt uit het consensus mechanism van systeem

• Data kan beschikbaar worden gesteld aan banken en financiers

12

© 2017 EXACT

PHYSICAL GOODS

DOCUMENTS (INVOICES, PACKING SLIPS ETC)

MONEY

SMEA SMEB

BANKS TAX IoT LSP ETC

Admin A

Admin B

© 2017 EXACT

SELLER LSP AUDITOR FSP BUYER

HAS GOODSBUYS GOODS

PRODUCES GOODS

STORES GOODS

SENDS GOODS CONTROLS QUALITYAUDITS

QUALITY

HAS MONEYPROVIDES

MONEYWANTS GOODS

REQUEST AUDIT

CONTROLS QUANTITY

ACKNOWLEDGE

REJECT

REQUEST FINANCE

CHECK OWNERSHIP

CHECK AUDIT / QUALITY

CHECK LOCATION

ACKNOWLEDGE

ACKNOWLEDGE

REJECT

RECEIVES FINANCE

RECEIVES ORDERSENDS

CONFIRMATIONSENDS INVOICE

BUYS GOODSSENDS ORDER

RECEIVES INVOICE

RECEIVES PAYMENT

SEND PRODUCT

RELEASE ORDER

REPAY FINANCE

SENDS GOODS

ADJUSST OWNERSHIP

RECEIVES REPAYMENT

PAYS ORDER

RECEIVES GOODS /

LOCATION NOTIFICATION

© 2017 EXACT

FOUNDATION

ERP AGNOSTICAPI LAYER

AUTHENTICATION


Het resultaat

• Bewijs van eigendom

• Ontwikkeling van een betaalreputatie van klanten

• Kwaliteit van goederen

• Locatie van de goederen

• Leverbetrouwbaarheid

• Etc.

• Minder risico

• Sneller en makkelijkere toegang tot financiering

• Lagere rente percentages?

16


Voordelen

• Minder handmatig werk

• Actueel, betrouwbaar en verifieerbaar

• Beloning om het goed te doen

17


Why Ethereum?

• Most advanced (and used/tested) blockchain protocol at the moment

• Open source, implementations in Go, C++, Java and many more

• Allows execution of smart contracts (written e.g. in Solidity)

• Private/consortia blockchains can be built, but there is also a powerful public instance

• Options are still open for other protocols

18


Smart Contracts

19

• Stukjes code die automatisch in gang gezet worden

• Worden gepubliceerd in de Blockchain

• Zijn moeilijk aan te passen en te verwijderen


Smart Contracts

20

© 2017 EXACT

21


Smart Contracts

22


Type Blockchain & Consensus modellen

• Proof of Work

• Proof of Stake

• Public Blockchains

• Permissioned Blockchains / Consortium Chains

23


Uitdagingen voor de Accountant

• Waardering van Crypto assets

‐ Uw klant bezit Bitcoins

‐ Toekomstige verplichtingen uit hoofde van de ICO

• IT Audit kansen van Smart contracts

‐ Toegang

‐ Functionaliteit

• Trusted Party

‐ Verlies van Private keys

‐ Aanleveren van betrouwbare informatie

24


Use Cases

• Invoice Finance‐ Banken

‐ Crowd Funding

• Inventory Finance‐ Logistic Service Provider

‐ Haven

25


Use Cases

• Identity Management‐ KYC

‐ Self sovereigned

‐ Mandaten

26


Use Cases

• Herkomst van goederen

27


Impact

• De veranderende rol van de “middle man”‐ Notaris, Accountant, Bankier

• Zelfbeschikking over uw eigen data‐ LinkedIn, Facebook, Uber, Google

‐ GDPR

• Transparantie, Betrouwbaarheid‐ Consensus mechanisme

28


Timelines

• 2016 was het jaar van de “ontdekking”

• 2017 het jaar van de Proof of Concepts

• 2018 het jaar van de eerste succesvolle Use Cases

• 2019 Productierijpe Blockchain applicaties

29


Blockchain – Waar haalt u uw kennis vandaan?

• Blockchain Vlaanderen

‐ Maandelijkse meetup

• Howest Blocklab

‐ Onderzoek & Opleiding

• DigitYser

‐ Broedplaats

• Digital Festival

‐ Link met de overheid


Blockchain – Knowledge and Resources

• Must read

˃ Melanie Swan

˃ Don Tapscott

• Websites

˃ www.coinmarketcap.com

˃ www.cointelegraph.com

• Exchanges

˃ www.poloniex.com

˃ www.cex.io

˃ www.btc.com


Wat hebben we niet besproken

• PSD2 • GDPR• Big Data• XBRL Oneindig veel mogelijkheden voor hergebruik van data

• No Hands Accounting / Machine Learning / Robotic Accounting‐ Real time banking, real time invoicing‐ Wisdom of the Crowds / Artificial Intelligence / Bots

• The API Economy / Internet of Things / Industry 4.0‐ Alles wordt gekoppeld… maar hoe

• Autonomous Organisations / Things as Customer‐ Wie is de eigenaar en wie is aansprakelijk?

• Identity Management / Know Your Customer (KYC)‐ Wie ben je eigenlijk en wat mag je hier en nu?


Q&AErich [email protected]

+31 655 222 427

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