Friday, June 14, 2019

AUDITCHAIN



Hello everyone, this is another moment to write on another great project that is full of life-changing benefits. Seat back and read this article in order to have a better understanding of this project.

 Most often, the word "audit" causes anxiety and panic in any organization. This is most often due to the fact that inspectors check the company's financial performance, but whether they really use the right standards to determine their performance.
However, our existing audit system has significant flaws related to security, reliability and fraud, which leads to a significant increase in the number of cases of poor auditing. But some businesses have found that using Blockchain technology can be useful for ensuring accountability in our audit processes. Like a digital ledger, Blockchain technology allows you to distribute a data management structure.

 What is AUDITCHAIN ​​(AUDT)?
AUDITCHAIN ​​is the first of its kind to a decentralized ecosystem of auditing, accounting, and financial reporting for businesses and individuals. The platform will include an open source portal for smart contracts, allowing you to collect, process, report and verify business and performance data using the standard of continuous independent auditing.
The decentralized audit system will use the DCARPE protocol to ensure that the enterprise data is presented in shareholder reports in real time.


The main characteristics of AUDITCHAIN:
ACCESS TO AUDIT NETWORK SERVICES:
The network will consist of rules for providing payments and audit services and automating the disclosure of information.
Payment for services using AUDIT. AUDIT is the main network token of AUDITCHAIN. It will serve as the main token on the service exchange platform. Enterprises and organizations will be able to receive 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 main protocol of the platform is based on the use of an intelligent contract to record or present a full range of data. DCARPE (ecosystem of decentralized continuous audit and reporting) will include some balance sheets, profit and loss statements and return forms, all of which will be in real time.

The concept of continuous auditing will provide auditors with an audit through the public reporting console AUDITCHAIN. If internal auditing and reporting is necessary, the console uses Audit analytics to verify the data provided and provide results. Depending on the type of audit required, the console transmits the results through various network nodes.

How can AUDITCHAIN ​​be useful?
Consensus Management:
The decentralized nature of the Blockchain technology will allow multiple users to access information in real time without the risk of hacking or data manipulation.

Transparent transactions:
The continuous audit function allows you to audit and record open source business information, which is available for study to any participant who deems it appropriate.

Automatic audit
Self-monitoring also facilitates the recording, analysis and verification of real-time data through intelligent contracts. The function allows you to quickly recover information that could be used thanks to the services of a professional auditor.

Analysis of audit data in real time:
The analytical console AUDIT will execute commands to validate the data and output results through pre-configured conditions set by the platform.

Conclusion
Although the concept of continuous audit and real-time auditing existed before, only a few innovations 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, a competent and experienced team, quite good ratings from well-known analysts.
The project certainly deserves attention. For more information, click the links below.

More information can be obtained through the following links

Bitcointalk username: Abbey84

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