AUDITCHAIN: A Decentralized Continuous Audit & Reporting Protocol Ecosystem Powered By Blockchain Technology!
Automation is the new gold. In an intelligent world, such as is being pushed in our world, automation is the way to go. Efficiency and speed are twins I the new economic world, and this is fast taking common place in our world especially in the corporate institutions. Long hours of analysis, documentation, solving complex equations, saving and dispensing data, carrying out very complex tasks have been saved by the use of the block chain system and smart contracts. The next generation is the intelligence generation hugely based on automation. It is therefore pertinent for the adoption of these processes to save, time, money and above all introduce an error free work ecosystem.
Consequently, block chain and smart contracts adoption in the audit processes of multinationals, enterprises or in everyday institutions is the big deal. Thus, delivering on accuracy, timeliness, incredible effectiveness and efficiency. In a sharp contrast, overtime, analog auditing in these companies have overtime seen a lot of bottlenecks that has cost these companies hugely in resources. Etc. some are:
The inadequacy of human performances especially in the area of trust especially in the financial markets.
the latent insufficiencies of both internal audit method and independent audit processes.
The absence of any accounting, audit or regulatory system which automatically perfects the exposure and deterrence of error or fraud in a trustless style.
From some of these issues highlighted above and in the midst of other even more sophisticated ones, a solution is definitely needed. So came the introduction of Auditchain, which introduces a block chain powered system, an open source library of smart contracts inherently adequate to capture, process and audit data on these enterprises in actual time. It will further handle at the end of every balance sheet etc., revenue statements, cash flow statements etc. in a transparent and error free system.
Some of the features offered by Audit chain:
With a full stack structure, which incorporates a base protocol layer, IFRS, etc., which ensures a permission based financial report, audit analytics etc.
All business bonds and transactions are processed via an appropriate accounting system, handling contract and written to the general ledger. Furthermore, every transaction as well as accounting and tax treatment data is hashed and time stamped as the third entry to the blockchain.
AUDT will be the unit of value exchange in the Auditchain system. It will be sources by enterprises and will be used by them to be a part of Auditchain. AUDT is the inventor and driver of the transactional economy of the Auditchain network and the provided services. Just as is seen on ethereum, this currency is the gas fee in this instance. It is also handy in payment for computations, accreditations etc.
It leverages a block chain hinged dependent auditing system, with added levels of high extensibility for the expansion and positioning of decentralized systems, fashioned towards offering real time presenting of financial, operational, development and network statistic.
to cap it all, this is a deal breaker in the auditing sphere. It’s a bye to diverse bottlenecks experienced overtime and for years now. The introduction of Auditchain has definitely left a revolution in the right direction.
For more information about Auditchain visit:
White paper: https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
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