Most often, the word “audit” causes anxiety and panic in any organization. This is most often due to the fact that inspectors check the company’s financial performance, but whether they really use the right standards to determine their performance.
However, our existing audit system has significant flaws related to security, reliability and fraud, which leads to a significant increase in the number of cases of poor auditing. But some businesses have found that using Blockchain technology can be useful for ensuring accountability in our audit processes. Like a digital ledger, Blockchain technology allows you to distribute a data management structure.
What is AUDITCHAIN (AUDT)?
AUDITCHAIN is the first of its kind to a decentralized ecosystem of auditing, accounting, and financial reporting for businesses and individuals. The platform will include an open source portal for smart contracts, allowing you to collect, process, report and verify business and performance data using the standard of continuous independent auditing.
The decentralized audit system will use the DCARPE protocol to ensure that the enterprise data is presented in shareholder reports in real time.
The main characteristics of AUDITCHAIN:
- ACCESS TO AUDIT NETWORK SERVICES:
The network will consist of the rules for providing payments and audit services and automating the disclosure of information.
Payment for services using AUDT. AUDT is the main network token of AUDITCHAIN. It will serve as the main token on the service exchange platform. Enterprises and organizations will be able to receive it at lower prices for participation in the AUDITCHAIN platform.
- Stakeholders will have the opportunity to experience the highest level of transparency and control of their financial performance in real time.
How does the protocol work?
The main protocol of the platform is based on the use of an intelligent contract to record or present a full range of data. DCARPE (ecosystem of decentralized continuous audit and reporting) will include some balance sheets, profit and loss statements and return forms, all of which will be in real time.
The concept of continuous auditing will provide auditors with an audit through the public reporting console AUDITCHAIN. If internal auditing and reporting is necessary, the console uses Audit analytics to verify the data provided and provide results. Depending on the type of audit required, the console transmits the results through various network nodes.
How can AUDITCHAIN be useful?
- Manage by consensus: The
decentralized nature of Blockchain technology will allow multiple users to access information in real time without the risk of hacking or data manipulation.
- Transparent transactions:
The continuous audit function allows you to audit and record open source business information, which is available for review to any participant who deems it appropriate.
- Automated Audit
Self-monitoring also makes it easy to record, analyze and verify real-time data through intelligent contracts. The function allows you to quickly recover information that could be used thanks to the services of a professional auditor.
- Analyzing real-time audit data: The
AUDIT Analytical Console will execute commands to validate the data and output results via pre-configured conditions set by the platform.
Although the concept of continuous audit and real-time auditing existed before, only a few innovations justified this idea. However, AUDITCHAIN seems to have a platform that will provide these important services much cheaper, more convenient and safer.
The use of Blockchain technology also confirms that the project is aimed not only at auditing, but also at providing data protection services. Thus, AUDITCHAIN can lead us to a new economy of trust and security.
In general, I liked this project. He has an excellent and thoughtful idea, a competent and experienced team, quite good ratings from well-known analysts.
The project certainly deserves attention. For more information, click the links below.
Bitcointalk username: Davincisolex
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