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Fizcal (FIZ) brings the world of accounting to the Blockchain and is announcing its Initial Coin Offering. The ICO runs 12th September – 10th October.
Fizcal is the next generation of accounting software that uses Blockchain technology to implement triple entry accounting, and uses AI and machine learning to improve businesses. Fizcal’s aim to be the first to market in developing a fully decentralised triple entry framework for bookkeeping and accounting, a concept first developed by Yuji Ijiri in 1989.
The global market size for accounting services in 2016 is over $200bn and growing at a steady rate of 1.5%. In the US alone, the figure is $90bn. Fizcal aims to tap into this market by offering a next generation accounting solution that brings together the world of Accounting and the Blockchain.
What benefits does the Blockchain bring to Accounting?
With triple entry accounting, the transactions are recorded directly into a joint distributed register, creating an interlocking system of enduring accounting records.
Fizcal will also revolutionise the process of Audits. With Accounting on the Blockchain, the cost and time to conduct an audit would decline considerably, as a large part of the data verification would be automated. This will lead to an increased frequency of audits on the full data set due to the efficiency and time saving nature of distributed ledgers audits.
The Fizcal system is fully decentralized and self governing. All data added to the Blockchain is encrypted, and the system has no single point of failure unlike current cloud accounting solutions. The ICO will create Fizcal Coins (FIZ), a deflationary currency providing maximum value to investors.
Here’s how the deflationary economy works with Fizcal coin.
The pool of subscription money is split between new coins minted and coins destroyed.
The amount of new coins minted and coins destroyed will auto adjust to ensure demand outweighs supply.
Larger Investors have the opportunity to earn additional returns by operating Fizcal Masternodes.
Fizcal Masternodes operate as consensus nodes and earn revenue from a fixed staking rate plus additional revenue from subscriptions.
The more subscribers that use Fizcal, the greater the value of Fizcal coins.
Fizcal has the potential to revolutionise the world of Accounting, Auditing and Finance.
Imagine the world of Accounting connected via the Blockchain, imagine the power of Fizcal.
Register for further updates on the ICO at fizcal.co.
Also check out our video: https://vimeo.com/228187027.
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