Defining a Single Source of Truth with Triple Entry Accounting: Torje Sunde of UNISOT on CoinGeek Backstage

In his paper on Triple Entry Accounting (TEA), Torje Sunde explores how connecting modern accounting ledgers to a public blockchain could facilitate audit verification. In an interview with CoinGeek Backstage in Malta, he discussed how the paper will impact audits and curb fraud.

Sunde was one of the presenters at the inaugural Triple Entry Accounting Conference in November 2023. Held in Malta, the event was led by industry giant Ian Grigg and brought together accounting experts, technology experts, and blockchain experts to discuss the intersection of the two fields. Accounting and public blockchain.

Sunde’s paper, written with Dr. Craig Wright, is titled “Implementing Triple Entry Accounting as an Audit Tool – An Extension to Modern Accounting Systems.”

“One of the main goals of the paper is to attract people from a variety of fields: accountants, developers, math and cryptography experts. They all need to come together to build a triple-entry accounting system,” he told CoinGeek Backstage.

Sunde, CFO of UNISOT, a Norwegian blockchain supply chain management company, believes TEA is a game-changer for auditors. In the paper, he explains how to verify accounting ledgers and prove that only one ledger exists.

“Nowadays, double-entry accounting allows people to have multiple ledgers. You can show one book to another person, change the numbers, and show the hypothetical number to another person. Triple-entry accounting allows us to define a single, verifiable source of truth,” he added.

Triple Entry Accounting in AI

In addition to financial auditing, TEA has large-scale applications in artificial intelligence (AI).
Konstantinos Sgantzos points out.

Sgantzos leads the environmental subsector of Public Power Corporation SA (NASDAQ: PUPOF), Greece’s largest grid operator. He is also a researcher at the lab.
University of Sharjah, United Arab Emirates, interested in AI and the large-scale language models (LLMs) that underpin it.

Sgantzos’ presentation at the conference focused on applying TEA to protect intellectual property (IP) in AI training. As the technology took root, one of the most controversial topics concerned the use of IP.

Almost every major AI developer is facing dozens of lawsuits from artists, media organizations, writers and other creators whose work has been used to teach LLMs without their knowledge or consent. The New York Times sued OpenAI and Microsoft (NASDAQ: MSFT) for copyright infringement in a multibillion-dollar lawsuit last December. OpenAI was hit with a $3 billion lawsuit early last year over allegations of illegal internet data scraping.

Sgantzos says TEA will allow content creators to finally control who uses their content and, where applicable, receive appropriate compensation.

“The proposal is that each contributor can know that their content is being used using this triple-entry accounting system and cryptographic proof system,” he told CoinGeek Backstage.

For example, artists could insert a cryptographic signature into their work, giving explicit consent each time the LLM system uses that data for training.

Now, models like DALL-E and Stable Diffusion can create works of art in just seconds, leveraging millions of real-world art images that used to take hours to create. Data shows that since 2022, AI users have created over 15 billion images using existing AI tools. Before AI, it took humans 150 years to create this many images.

For artificial intelligence (AI) to function properly within the law and succeed in the face of growing challenges, it must integrate enterprise blockchain systems that ensure data input quality and ownership. This helps keep your data safe while ensuring immutability. data. Check out CoinGeek’s coverage of this emerging technology to learn more about why enterprise blockchain will become the backbone of AI.

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