Auditchain: Transforming the Auditing Sector through Blockchain

chikky08 (46)in #blockchain • 5 years ago

Auditing is hard enough, but small businesses face a more daunting challenge as far as this accounting process is concerned. They have no distinct department to handle their audits and would usually involve an independent auditor when there’s a problem, which isn’t supposed to be a bad idea, but things do go south often.
There’s a brewing crisis which has the independence of the auditor under siege as they have often been made to give up their right to their audits due to the pressure from the management of the company. And depending on the auditor, this could go down to the wire with the not so popular made to ‘eat dust.’
The lackluster intrusion of the management in the duties of the auditor will often compromise the end result of the auditing process, and this leaves everyone desirous of a more positive outcome.

Auditchain
Blockchain has been posited as the last nail in the coffin of auditing and accounting as we know it, and it’s not difficult to see why. The digital ledger has attributes that when appropriately harnessed can put any auditing and accounting tool to shame. Auditchain intends to exploit that for good measure.
The Auditchain platform promises to be more than an average hub where blockchain meets auditing. It’s set up to utilize smart contracts in the collection of data towards the eventual auditing and reporting of the data within minutes of the availability of such data.
The self-auditing state of the blockchain shows its hands in the utilization of the decentralized applications as auditing, and related tasks occur quickly with little intervention.

There’s a lot more to Auditchain than what meets the eyes. The blockchain-based ecosystem is brimming with several technological add-ons like the base protocol layer, audit node layer, and more streamlines the process.

Auditchain aims to assist businesses in having issues with auditing to do the needful with its intention to create an open-source library that is fully integrated with GAAP, IFRS, and other accounting protocols.

While Auditchain hopes to be accessible to everyone, there are expectations regarding who does what and when. These stringent measures are essential to guarantee the integrity of the auditing and reporting process – you can’t build such a system and have it fail intentionally, can you

Auditchain intends to combine cryptocurrency with auditing as digital assets are made to exchange wallets for ensuring the smooth running of the ecosystem. The running cost of the blockchain-based platform is covered by its financial requirement for each phase of the auditing process. This helps preserve the sanctity of the auditing excess as there is a minor intrusion.

Final Thoughts
The Auditchain ecosystem could be what is needed to rouse the sleeping dogs of the auditing process. There’s a lot of purpose with this one, that’s for sure. While I am not sure the numerous fees will please everyone, you have to agree with the need to keep the platform running regardless of the work involved.

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