AUDITCHAIN : ADDRESSING THE DEFICIENCIES IN THE TRADITIONAL AUDIT PROCESS.
INTRODUCTION
The mostly used fault checking processes and the internal checking process have been seen to be deficient for so long as it brings displeasure in their services because they don't even detect errors in the materials of many entities neither do the auditors function so well in it to make that possible. This has been the struggles of many setups in the weak standard of the traditional control, accounting and even in the type of standards that has been capitalized upon for a while now. The AUDITCHAIN protocol is capable of providing all of the services that concerns every records and is more like a solution for all others entities that have been hindering from progressing based on the limitations they have in processing their records.
THE AUDITCHAIN NETWORK?
This platform possess the full qualities of a perfect ecosystem and as such is made to be a solution to the overall control and processing of information for many entities. It possesses an open source library and is in control of accounting smartcontracts for its functions which includes the processing of data and how they perform at different times. It is able to control the standard of the data and initiate a perfect service. It will be a good fault detecting system for all activities of the entities using it like analysing the details of the cash flow, the income at any time and the balance sheet of such networks. It plans to do more than what they existing standards has done, levelling up to do more that the already known standard.
It will be in charge of the token sales through its very respected network integration which would boost its operations and the use of the token as a utility asset. Moreover, it stands to coordinate a better check of all the network statistics for development and other functions all together.
HOW AUDITCHAIN PERFORMS CONTINUOUS CONTROL AND VERIFICATION OF DATA
This platform is capable of self examination on the distrubuted ledger and that also encourages the fast validated or verification of all the processes. This has occurred before from the first coin BTC but it is made better now since it has undergone a series of evolution. This platform has got the continuous check process in an evolutionary process such that it is ready to practicalize it through the public ledger platform. However, the team has made it in a way that the fixed rules only function internally. Audichain protocol reveals all risks involved in any task as they affect any process. This is also why there is need for smartcontracts for proper execution of the commands.
THE FEATURES OF AUDITCHAIN
Audichain has a DCARPE implementation which can be used for the self executing process on the digital ledger. This feature is able to extend its capability such that all other decentralised entities can be affected with its application positively. All the stakeholders are opened up for proper financing in all their operations and to get all the statistical reports of their activities on different blocks.
This platform has a technological stack which support it. It is composed of the base protocol layer, smartcontracts layer and other useful layers that will allow the activeness of the checking process in real time. It operates by following the financiaI standards to make all the presentations that also involves the control analytics.
The smartcontracts used is an open source group of programs that contains different types of implementations and standards ranging from IFRS, GAAP and even government accounting protocols that works for all the categories of users. The smartcontracts works for all the operations of the stakeholders as it works for their jurisdictional tax treatment protocol and also controls the compensation on all thw convertible instruments. Smartcontracts are essential pripy for the development of all the entities in this platform.
All the users in this network are required tk have their identities in this ecosystem such that they can be accessed for validation in the network. To be validated, they have to pay the AUDT fee for the validating node to work. Mostly, this fees will be deducted from their stakes paid to the nodes for them to have their access level with the indentity they carry. In this AUDITCHAIN networks, all users must have their identities and of course must be able to pay the AUDT fees so that their identities can be created and validated.
CONCLUSION
Those that exist as the users in the play include the different entities, service providers , federated nodes and non federated nodes and the enterprise users. This group of people are concerned with the Innovation. Usually, after validation comes initialization which is usually done when all users must have validated their indentities, when all the users associated with any enterprise have been validated and also when the committee has been chosen. This is the breakdown of how the innovation works.
USEFUL LINKS
Website: https://auditchain.com/
Whitepaper: https://auditchain.com/Auditchain-Whitepaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=5152521.0
Telegram: https://t.me/Auditchain_Community
Twitter: https://twitter.com/auditchain
Facebook: https://www.facebook.com/auditchain/
Youtube: https://www.youtube.com/channel/UC7NlWkYBlsPRZ26e8e2-yKw
AUTHOR'S DETAILS
Bitcointalk Username: Chomsy
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1759759