INTRODUCTION
Blockchain is undoubtedly the best technology for record security, fund security and also enhances fast transaction processes.
It was developed to replace the ancient approach of running transaction. Its effectiveness has been proven with the massive development of the crypto world.
This has made a different aspect of the global economy to adopt the technology for safe, timeless and cost-efficient transactions.
To successfully enhance a timeless, cost reducing, and super efficient audit process, Auditchain is created.
WHAT IS AUDITCHAIN?
Auditchain is the first system of protocol for reporting and continuous audit process. The system was designed for the disclosure of token statistics and enterprise on the blockchain technology.
With this protocol, the provision of a supreme level of trust is assured by the Auditchain.
THE OBJECTIVE OF AUDITCHAIN
Auditchain's goal is to ensure that absolute transparency is available for both stakeholders and investors. The platform also aimed at providing a zero fee AUDT via the enterprise.
The Auditchain as well intend to ensure that there is compliance, accuracy, and unquestionable efficiency in accounting and auditing industries.
TECHNIQUES ADOPTED THAT ENHANCE THE ACHIEVEMENT OF THE SET OBJECTIVES
The DCARPE PROTOCOL
The decentralised Continuous Audit and Reporting Protocol Ecosystem (DCARPE) mode of implementation were done such that it depends on the self-auditing nature of the blockchain coupled with an additional layer that has high extensibility.
This was done to specifically deploy and develop a decentralised application for enterprises which will help stakeholders to carry out a quality presentation of the financial, developmental, network statistics, operational reporting of every block.
Technology Stake
Auditchain allows an absolute and total stake. These stakes are; base protocol layers, IFRS, GAAP and the smart layer of GAAS, application layers, real-time (relative to each block), node layer, a financial statement based on permission or public facing, statistical reporting presentation layer and audit analytics.
AUDT Token Economy
The Aditchain platform as also put up a token economy tagged AUDT. This token 's protocol can be adjusted and also improved as the case may be.
The AUDT shall buy bought and staked by individual enterprise. This AUDT shall stand as the criteria for all interested enterprise to join the platform
This token is removed from the stake account of all enterprise to make payment for the development of the smart contract, implementation validation of transactions, enterprise expansion and continuous audit.
Mining Rewards
For adequate rewards of investors, some techniques were put in place to motivate its investor. The mining generated revenue will be allocated thus; 42.5% of the reward goes to the proof of Work (PoW) miners, 42.5% is allocated to miners with Proof of Stake. (PoS) while the remaining 15% goes to Auditchain investor, and affiliates.
Dear auditors, so many people and aspects of the financial sector has been enjoying the benefits attached to blockchain technology.
It is your own time to have a taste of an effective, efficient, safe and reliable auditing process with Auditchain. Why not kay into this opportunity and enjoy a stress-free auditing process?
