AuditChain — Decentralized Continuous Audit & Reporting Protocol Ecosystem™
What Is AuditChain?
If we look at the past, we can see that there are so many cryptocurrency projects have made their way to the market front. But among those some projects are special because they are the first of its kind. This is also the same, this project is the first of its kind. Auditchain is the leading the development of the world’s first decentralized continuous audit and real time financial reporting protocol ecosystem for digital asset and enterprise assurance and disclosure. Auditchian enables continuous external validation of enterprise system and control, financial data and disclosure control environments by a network of CPAs and Chartered Accountants.
Auditchain proposes to embody an ecosystem that includes a blockchain protocol and an open source library of accounting smart contracts sufcient to capture, process, audit and report enterprise data and performance data on a real time continuous basis under a continuous independent audit exceeding current accounting, audit and control standards. A public facing and/or permission based presentation layer proposes to render in real time, at the close of every block; balance sheet, income statement, cash fow and statement of changes in stockholders’ equity reports that has the capacity to far exceed the reliability of existing reporting standards.
Existing Problem
Today real time reporting has become impossible to auditors and companies. If auditors are doing real time reporting it would be a huge workload and may need large human resources and also expenses will go higher and due to more human involvement the errors made by employees will increase also.The best current example of direct reporting is from banks,while per Federal bank reporting manuals,banks are required to send funds from frequencies ranging from daily to annual.Because of this and the technical expertise required to audit banks, audit fees are usually higher than other businesses.
Auditchain Solution
Auditchain has recognized these drawbacks in the industry and the demand for a Decentralized Continuous Audit & Reporting Protocol Ecosystem proposes to create an ecosystem that includes a blockchain protocol and an intelligent open source accounting library which has the capability to capture,process,audit and report on continuous company data and performance data continuously under an ongoing independent audit beyond current audits,audits and control the standard. Presentation based layers face the public and/or permission proposes to make in real time,at the close of each block;balance sheets,income statements,cash and changes in shareholders’ equity reports that have capacities far exceeding the reliability of existing reporting standards.
AUDT Token Economy
Subject to protocol adjustments and improvements,AUDT tokens will be purchased staked by each enterprise. AUDT Token is used by each enterprise to join Auditchain. AUDT Token is deducted from the stake account of each enterprise to pay for implementation,smart contract deployment,transaction validation,continuous audit and enterprise expansion.
Key Features:
· AUDITCHAIN NETWORK ACCESS
· AUDITCHAIN NETWORK SERVICES
· AUDITCHAIN NETWORK INTEROPERABILITY
· AUDT FEES
· PREMIUM STAKEHOLDER ASSURANCE
Roadmap
Conclusion
I know that being the first of its kind doesn’t really a good point to say that a project will be profitable, but there are many advantages, one is the competitors are lesser, and the technology is advanced than the existing service providers. When we consider the potential of the projects and and features it gives to the users we can clearly see that this unique project has the ability to draw the customers and also with hope will be able to create a whole new market.
If you want to know more about Auditchain please use the below links.
Website: https://auditchain.com/
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
Instagram: https://www.instagram.com/auditchain_official/
LinkedIn: https://www.linkedin.com/company/auditchain
ANN: https://bitcointalk.org/index.php?topic=5152521.0
Author Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=2646618