AUDITCHAIN — The Decentralized Continuous Audit & Reporting Protocol Ecosystem
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 the rules for providing payments and audit services and automating the disclosure of information.
Payment for services using AUDT. AUDT 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.
Problems
As you may have guessed, today we will focus on the urgent topic related primarily to the lack of reliable systems of audit. Why am I talking about absence when there are thousands of them all over the world?! Everything is very easy and simple. Let’s imagine that you are a big businessman and you have a large international company at your disposal. Which must be audited annually for its further growth and development. But for some reason, you have a bad relationship with one of the representatives of the same audit and you have once again catch yourself thinking, and whether the current test will meet all norms and standards or acquire another “personal” character. Of course you, like any other adequate person, can not fully be sure that the test of his company will be engaged in specialists who do not experience biased attitudes and personal principles. So as fix this fact you not you can. Therefore, you have no other choice but to make up or turn to another audit company.
But again, all audit firms are centralized, which means that they are vulnerable, like any other financial bodies and banking structures. In most cases, their vulnerability borders on the storage and use of a large number of valuable data, access to which can be easily detected by any fraudster. That in the end can have a negative impact not only on the action of the company itself, but also all business partners cooperating with it. The solution of the data offers us a new decentralized project, whose essence is to eliminate all the negative factors and problems inherent in the classical audit companies by the blockchain network.
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.
Advantages
It is important to note that these tools, functions and capabilities of the AuditChain platform can be easily demonstrated in the world of international enterprises. Where it is really time to bring order between all suppliers, employees, customers, regulatory bodies responsible for the high level of competence of the enterprise. To do this, in the very near future, the developers of AuditChain intend to start testing all their structures in practice in order to fix their advantages and fully demonstrate the successful implementation of their ideas.
In practice, this chain of actions will look as follows:
TEAM AND ADVISERS.
Token
Of course, like any other blockchain platform, AuditChain also intends to use its internal token to regulate all internal processes of the system, as well as to allow everyone to acquire access to special services of the platform itself. Thus the owners of the token AUDT can at any convenient time to buy the desirable and sought after tools and features AuditChain and also pay various other fees that are present in the system. Simply put AUDT token is an internal unit of exchange having its own special power and value.If we touch a little on the technical side of the issue, then the AUDT token will be developed on the basis of the Ethereum blockchain, a total of 250 million pieces. Most of the coins will be distributed among the development team, and reserved for further distribution of the AuditChainsystem and its partnership with other structures as the network scales.
The distribution of tokens is as follows:
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.
Official resources of the Auditchain project:
♦ WEBSITE: https://auditchain.com
♦ TELEGRAM: https://t.me/Auditchain_Community
♦ WHITEPAPER: https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
♦ ANN THREAD: https://bitcointalk.org/index.php?topic=5152521
♦ FACEBOOK: https://www.facebook.com/Auditchain
♦ TWITTER: https://twitter.com/Auditchain
♦ MEDIUM: https://medium.com/@Auditchain
♦ REDDIT: https://www.reddit.com/user/AuditChain
♦ LINKEDIN: https://www.linkedin.com/company/auditchain
♦ INSTAGRAM: https://www.instagram.com/auditchain_official/
♦ YOUTUBE: https://www.youtube.com/channel/UC7NlWkYBlsPRZ26e8e2-yKw
♦ SLACK: https://auditchain.slack.com
♦ GITHUB: https://github.com/Auditchain/AUDT-Token-Contract
♦ AUTHOR:
♦ BTT USERNAME: faz3
♦ BTT Profile Link: https://bitcointalk.org/index.php?action=profile;u=2591563
♦ ETH Wallet: 0x99dAaA3b489c22306624ca1eB6AB535BDE54cFaa
