Triple Entry Accounting for All

If Bitcoin can bring about financial honesty, Web3 more broadly can bring about data honesty.

Back then

-1400s-2009: The era of double entry accounting. A ledger of debits and credits to keep track of things.

-2009-Present: The era of triple entry accounting. Ledger of debits and credits with third party verification via shared supercomputer (blockchain).

In the multi-thousand year arc of humanity, this is the largest tectonic shift in how we organize ourselves.

Sure you could trust the Dutch East India company to deliver goods across the world, but there was always the risk someone was cooking the books, a stray barrel of whisky here, an extra passenger there.

The larger the incentive, the larger the chance somewhere in the system there is an emperor without clothes manipulating the ledger. Long Term Capital Management, cough Lehman Brothers, cough cough Evergrande.

Today

If all the largest power structures today are hidden behind an opaque database, how do we know they aren’t cooking the books.