One line Description of our Product - A platform to Digitally "Record Books of Accounts’.
VISION - Make Accounting Bookkeeping Digital with help of Blockchain
Technology. Then Enjoy leverage of technology to efficiently manage
Accounting.
White Paper Link - Aurora Fast Grants Whitepaper.pdf - Google Drive
Demo - DecAcc
Above is our demo platform link. This demo is basic bird eye view of our platform which we will be building with help of Aurora Foundation Fast Grant Program Support & Grant.
In demo we have tried to show,
How our platform will look like??
How will our Data be recoded and managed??
How important our platform is for upcoming future??
Proposal - 25,000 USD
For development of our first version, we are asking for $25,000 Grant.
With this $25,000 Grant, we will achieve 2 Milestones.
Milestone 1($15,000): -
• Web Platform
• Defining ‘Books of Prime Entry’
• Data Recording Platform.
• Bridge to upload data on Blockchain (Unedited).
• Recalling Data from Blockchain (In from of reports)
• Launch Platform for Users.
Milestone 2($10,000): -
• Update Platform according to user’s feedback.
• Make Reports with help of Data.
• Integrate some effective Data Analysis Tools.
• Invoice Generation Tools with Decentralize Wallet.
• Auto-cross Entries in books when transactions are done with wallets.
• Auto-update other related books when manual entry is made in one book.
Q. What is our Business Model??
Ans. Freemium Business Model: -
Our USP is Recoding ‘Books of Accounts’ digitally with help of Blockchain Technology. This feature we will provide to users for free. We will get lots of clients Data
Then, we will develop some Data Analysis Tools on our platform. For using those tools to enable user’s make reports with help of their data, we will charge them monthly/quarterly subscription fees.
Transaction Fees: -
Since we will have huge amount of Daily Repeated Data & Users, we will have lot of Transaction fees also.
Q. How can you engage with customers to convince them to buy your product or service and gain a competitive advantage?
Ans. We will engage users to use our product by reaching to their eyes with help of various marketing tools-
Once users get to know our product, they will themselves start using it because our product is Reality of Future.
Whole market is demanding this kind of platform.
Our platform is digitally Recording Books of Accounts.
Our platform will remove inefficiency of recoding Books of Accounts Physically.
Q. What benefits will your product/service deliver to its customers?
Ans. Recoding of Books of Accounts is Still done in Traditional way. All accounting records are maintained in ‘Physical Books of Accounts’. It’s become very hard and time consuming for officials to verify every transaction.
There is a huge space for implementation of technology in Recording part of accounting. With the help of Blockchain Technology, we can make Recording of Accounting Transactions Digital.
Whole Society is facing a problem of Ineffective Account checking results in so many Frauds by manipulating Books of Accounts.
Implementation of Blockchain technology in this space will take Accounting on next level. People are now talking about Triple Entry System. I believe that it will start from Triple Entry System and will end at Cross Entry System.
Implementation of technology in Recording phase of Accounting Transactions brings lots of technology advantages with them. Like: -
-
Efficient – Less time consuming -
Effective auditing by external auditors. / Auto – Auditing - AI -
Effective checking by legal authorities / Auto – Checking - AI -
Real time checking of records with help of AI and filtering suspicious records, sending auto query about suspicious records. -
More or almost All the Data will be considered for checking, making reports etc. -
Amount of Data is increasing – There is a need for implementation of technology to effectively handle data. So called BIG DATA. -
Environment – We are Digital Platform for Recoding Books of Accounts. We are indirectly saving environment by removing use of Paper’s. Saving Tons of Trees.
Q. In what ways a user interacts with your product?
Ans. Users will interact with our Platform Every day(like every Office Day & every Office Hour).
Since we are making a platform to digitally Record Books of Accounts instead of Recoding Books of Accounts physically.
Users find it very inefficient & time consuming to mantain Accounts Books physically. They have started demanding implementation of technology in this phase too.
Once we get into the eyes of users with help of marketing channels, they will themselves start using our platform. Because we are solving problem of Inefficient Accounting.
Our platform is good for whole commerce ecosystem & reality of future: -
Users - They will get auto entries feature if transaction are done with decentralized wallets, or efficient accounting due to implementation of tech.
Auditing Officials - Audit officials will integrate AI to check entries real time instead of at year end.
Legal Officials - Legal officials will integrate AI to check entries real time instead of at year end.
Society - Whole society will get benefit because with coming into the reality of our platform. Neither users will be able to manipulate books of Accounts, nor pass fake entries in between the year to manipulate the books, then pass adjustment entries before year end to smartly manage frauds in Books of Accounts.
All this things will help government fight Financial Frauds. This in turn will save Government’s Fund & Country Economy, thus will enable government to invest in society instead of paying for Frauds.
This platform will also save general people from Frauds.
Q. Is Team Qualified enough to carry out this Project??
Ans. Our Team is very strong well Qualified to carry out this Project Efficiently.
Mayank Kumar Choudhary - I am the Leader of this Project.
I understand the nerves of Accounting & Tech. Also, I am good in efficiently managing the Teams.
Also,
I have good talent at standby position. I will add them to team once we get Funding Support from AURORA.