Most often the word "audit" causes anxiety and panic in any organization. This is most often due to the fact that the auditors check the financial performance of the company, but whether they really use the right standards to determine their performance.
However, our existing audit system has significant security, reliability and fraud related weaknesses, which leads to a significant increase in the number of cases of poor audit. But some businesses have found that using Blockchain technology can be useful for ensuring accountability in our audit processes. As a digital Ledger, Blockchain technology allows you to distribute the data management structure.
What is AUDITCHAIN (AUDT)?
AUDITCHAIN is a first of its kind decentralized ecosystem of auditing, accounting, and financial reporting for businesses and individuals. the Platform will include an open source portal for smart contracts that enables the collection, processing, reporting, and validation of business and performance data through a standard of continuous independent auditing.
The decentralized audit system will use the DCARPE Protocol to ensure that the company's data is presented in shareholder reports in real time.
Key features of AUDITCHAIN:
ACCESS TO SERVICES AUDIT NETWORK:
The network will consist of rules for payment assurance and audit services and information disclosure automation.
Payment for services using AUDT. AUDT - the main token of the network AUDITCHAIN. It will serve as the main token on the platform for the exchange of services. Businesses and organizations will be able to get 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 platform's core Protocol is based on the use of an intelligent contract to record or present a full range of data. DCARPE (ecosystem Protocol for decentralized continuous auditing and reporting) will include balance sheets, statements of profit and loss and forms of return, and it will all be in real time.
The continuous audit concept will provide stakeholders with audit assurance through the AUDITCHAIN public reporting console. If internal validation and reporting is required, the console uses Audit Analytics to validate the data provided and deliver the results. Depending on the type of audit you want, the console passes the results across different hosts.
How can AUDITCHAIN be useful?
Consensus management:
The decentralized nature of Blockchain technology will allow multiple users to access real-time information without the risk of hacking or data manipulation.
Transparent transactions:
The continuous audit function allows you to audit and record open source business information that is available for review by any participant who deems it appropriate.
Automatic audit
Self-monitoring also facilitates real-time data recording, analysis and verification through smart contracts. The function allows you to quickly recover information that could be used thanks to the services of a professional auditor.
Real-time audit data analysis:
The AUDIT analytic console will run commands to validate data and deliver results through pre-configured conditions set by the platform.
Conclusion
Although the concept of continuous and real-time audit has existed before, few innovations have 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, competent and experienced team, quite good ratings from well-known analysts.
The project certainly deserves attention. For more information, click on the links below.
web: https://auditchain.com/
Whitepaper: https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
ANN: https://bitcointalk.org/index.php?topic=5041997
Facebook: https://www.facebook.com/Auditchain
Twitter: https://twitter.com/AuditChain
Linkedin: https://www.linkedin.com/company/auditchain/
Reddit: https://www.reddit.com/r/Auditchain
Instagram: https://www.instagram.com/auditchain_official/
Username :tanocis
Bitcointalk profile link :https://bitcointalk.org/index.php?action=profile;u=2561329
