AUDITCHAIN is designed to make a difference in the financial Auditing of enterprises globally. There are several steps taken in recent times to dictate and reduce the rate of fraud in enterprises using a regulatory body. Several instances have shown that enterprises need to offer complete and transparent disclosure in order to adequately detect and prevent Fraud. The result of this is usually interrupted by issues with public traded enterprises and in some cases lack of existence of proper accounting, regulatory system or Audit which can completely handle the detection and prevention of different forms of financial Fraud and error using the blockchain technology.
None the less, the innovative characteristics of the blockchain technology which include transparency, Trustless, low fees, effective and Decentralization will be employed by AUDITCHAIN which will help them in achieving their aim in the nearest future without much stress.
In recent times, several organizations like banks and other firms providing financial services and those serving as Data centers depend solely on a technology that is not only expensive but highly complex to be able to obtain and process data. But AUDIT CHAIN has been uniquely designed to change things for good for these organizations using a Decentralized Audit system.
HOW AUDITCHAIN IS PROVIDING SOLUTIONS
Like I mentioned earlier on, the use of blokchain technology is a huge transformation in the Data or financial organizations. for some years now , the distributed ledger of the blockchain allows a validated transaction which further gives room for a transparent Data collection. with the use of Audit chain ecosystem built on the blockchain protocol and a open source library , the smart contract will help to obtain and be able to process , audit and report Data of an enterprise and their level of performance on a real time continuous Decentralized Audit which exceeds current accounting , audit and control standards.
AUDITCHAIN is designed to support a full stack which comprises the base protocol layer , GAAP, IFRS and GAAS smart contract layer , application layer , audit node and real-time financial statement which is permission based with audit analytics and reports.
BENEFITS OF BEING PART OF AUDITCHAIN AND AUDIT TOKEN HOLDER.
Since every user of the Audit Chain services must pay Audit fees, for the creation and confirmation of all digital identities, it is therefore important to be a stake holder in the Audit token ecosystem so as to greatly benefit from whatever goodness the platform has to offer. Several sets of people will be part of Auditchain including Federated and non federated nodes, service providers, some enterprises and those who are using this enterprise. They all will be required to validate their identity and pay Audit fees, but as a stake holder of AuditChain , the amount paid for fees will either be very minimal or completely free.
This is a utility token built on ethereum bloklchain and made ERC20 compatible. Audit token will be used as the main driver of the ecosystem; it will act as the utility token that will be required for any user to gain access to any Auditchain service globally.
Also, every transaction that will be carried out on Auditchain Network , the transaction fees will be paid using Audit Token .
There will be staking incentives given to users who stake their token for a specific period of time. Every node federated and non Federated node will be made to buy and stake some amount of AUDIT token so as to obtain staking rewards or incentives.
Moreover, the team is also offering a mining reward, Auditchain is obtained using a proof of work consensus mechanism ( PoW) and mining reward will be given to those users who are qualified for it.
The IEO is organized on exmerket Exchange, where a lot of investors are already getting involved. Do not miss the opportunity of being a part of Auditchain community so as to also enjoy the numerous benefits attached.
For further information concerning Auditchain project and the IEO please use the links below:
IEO : https://exmarkets.com/launchpad
Ann thread: https://bitcointalk.org/index.php?topic=5152521.0
Author’s btt profile: https://bitcointalk.org/index.php?action=profile;u=2281902;sa=summary
Author’s btt Name: funex
images are extracted from auditchain website and whitepaper.