Cardano Foundation Boosts Transparency with On-Chain Financial Information

02 December 2024 • Activities & Updates

Cleopatra Martins

Finance Product Lead

Delivering audited financial statements on the Cardano blockchain with Reeve

The Cardano Foundation champions blockchain as a public digital infrastructure across various industries. We continue to empower businesses and pioneer change with Reeve, an application designed to enhance global accounting systems and financial reporting. Reeve expands on the recently released Financial Insights Report, delivering on-chain audited financial statements that enhance transparency and accountability within the Cardano ecosystem.

In addition to providing the audited financials, the Foundation has published a sample of underlying accounting transactions on-chain. This information enables a more comprehensive understanding of our financial activities and a concrete example of how Reeve facilitates transparent and verifiable financial reporting. Though the initial release of raw, on-chain data may appear technical, in particular to those users less familiar with accounting terminology, accessible information reinforces our commitment to full transparency.

The Foundation further envisions a future where anyone can readily verify and understand the financial activities of organizations. To realize this future, the Foundation is developing resources that simplify the presentation and interpretation of on-chain data. These resources will include user-friendly interfaces, visualization tools, and educational materials. Furthermore, the Foundation will pursue active engagement with the community to gather feedback and ensure Reeve meets the needs of all stakeholders.

A note on identity verification

For this initial release of Reeve, the Foundations’ data is submitted exclusively through a dedicated wallet address:

{addr1qy77xcgfw6h867lt4r3px9rvtmf73a5em4h3ncs2rrewrhv9vmdr4wcalzyuua0jp2k9l729nychdd3ht8kgf2l9mrmq750nwl}. The wallet address is further identified by our ada handle $Cardano_CF for increased verifiability.

We continue to work on a combination of different identity verification mechanisms for future iterations. A complete list of mainnet transactions is located at the end of this post, and an explanation of on-chain data can be found here.

What is Reeve?

In a time where trust and transparency hold paramount importance, blockchain emerges as a powerful solution, enabling a fundamental transformation in financial data management. Reeve empowers organizations to securely record and share critical financial data on the Cardano blockchain, ensuring its integrity and verifiability for all stakeholders. This fosters a new era of trust and transparency, with Reeve delivering:

•Streamlined Audits: Simplifies the audit process by providing a single source of truth for financial information readily accessible on the blockchain.
•Strengthened Accountability: Creates an immutable and transparent record of all financial activities, holding organizations accountable for their actions and decisions. This fosters responsible financial management, ethical behavior, and greater adherence to core values.
•Increased Trust: Instills confidence in stakeholders regarding the accuracy and reliability of financial information, strengthening relationships and promoting collaboration.
•Improved Efficiency: Reduces the cost and complexity of managing financial data, freeing resources for innovation and growth initiatives.

Reeve enables enterprises to establish open processes and verifiable accountability as a standard practice. The Cardano Foundation invites you to join this journey—stay connected for updates and participate in the movement towards a more transparent and accountable financial future.

Reeve is evolving and will become available to the public in Q2 2025. For more information, visit our product page and GitHub repo.

Soft launch mainnet transactions

Balance Sheet:
https://explorer.cardano.org/transaction?id=5304b6bfd421005d1ce48507462d84e163d2c7d0a291345ffe15406bb52b5702

Income Statement:
https://explorer.cardano.org/transaction?id=6cf9c9dbbc208b0cd7af08efa8ed59efffb5f20a05da5519db3efc6dae9209dc

Rent Expenses and Staking Rewards Revenue: