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New cryptographic building blocks allow for the creation of a public confidential ledger which is suited to combat VAT fraud, reduce the administrative burden of companies and increase compliance. We are building a blockchain based, real-time, decentralised, and most importantly confidential triple entry accounting system. The registration of accounting entries in an external ledger allows for many applications and improvements in compliance. First of all fraud with invoices gets eliminated. The relative ease with which various forms of invoicing fraud can occur today has lead to a VAT-gap of 151.1 billion per year in the EU alone. Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate a factoring market. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively and provide confidentiality. Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate. To allow for a broad participation and acceptance, this project will be open source and transparent, which allows all participants to verify how data is shared.https://summitto.com


Johan Huizingalaan 763a, Amsterdam, Noord-Holland, 1066 VH,



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