The audit chain is the decentralized continuous audit and reporting protocol system that used for digital asset and enterprise. Check out this article to know more about the auditchain blockchain system.
The audit chain well-known as the DCARPE alliance member that consider as the technical category of that used in the DCARPE assurance and disclosure system. The audit chain offers its user with the developed public blockchain ecosystem that contains with the CPAs and Chartered accountants as the integrated system in the validate and control state process. The auditing process exists continuously with the real-time condition and based on the public block explorer with the financial statement and audit analytics. Keep reading this article information to find out more about the auditchain blockchain system.
The Exploration of Auditchain Blockchain Transaction Cycle
The audit chain is using the permission-based financial statement for the enterprise transaction and validated process with the straight-through accounting treatment (STAT) in the real-time financial records. Every business contract and transaction will be processed on the appropriate accounting system contract and written on the general ledge, P&L, balance sheet, cash flow, statement of change in the stockholder equity. Read more about the audit chain product in the information below.
All Thing about Auditchain Blockchain
1. The Profile of DCARPE Alliance and Auditchain
Auditchain and DCARPE alliance is the inseparable aspect of AUDT token. The DCARPE alliance is defined as the audit, accounting, financial reporting, and blockchain community. The DCARPE are formed and designed with the purpose of implementation, regulation, scaling, and adoption of the DCARPETM disclosure and assurance platform. At the side focus, DCARPE also held the symposium and event to educate about the digital investment and enterprise regulatory community using the DCARPETM platform.
On the other side, Auditchain is one of the member DCARPETM alliance that focused on the development of leading decentralized audit and reporting protocol ecosystem that can be used for the digital asset and enterprise assurance. The Auditchainblockchain ecosystem is including the with the Chartered accountants and CPAs that externally validate enterprise system and control of the financial condition on the real-time and continuous basis. The audit chain also features with the DCARPETM explorer that characterize as the subscription-based blockchain explorer that will extract the financial statements and audit analytics in the real-time condition to its blockchain subscriber.
2. The Auditchain Team
The audit chain is running by the team that expert in the accounting, Economic, blockchain technology, and any supported field of the cryptocurrencies mechanism. There are several positions on the team such as the advisers, founder, developer, manager and officer. The founder of the audit chain is the John Meyers that has broad experience of investment banking and venture capital in the blockchain space that leads the hundred of the initial public offering and private placement of the various industries from the biotech to financial services.
For the adviser the audit chain have the Simon Cocking that currently work as the chief editor Irish tech news, investigate, crypto coin news and also business mentor that cooperate with the 150+ successful ICOs to date, Jonathan Mohan that expert in the field of blockchain and distributed ledger technology use the case analysis, and Dr.Graham Gal that worked as associate professor of business administration at the Isenberg School of Management in the Department of Accounting.
The officer of the Auditchain consists of digital, technology and business analyst that has 3 people include NeerajRohilla that have 23 years of experience developing, post-sales deliveries, providing technical guidance, etc, next is the Sadhana Reddy that expert in business analyst field of banking industries, insurance, and cryptocurrencies, and the last is Veera Musk that has 18 year experience as a software engineer, building high quality and effective solutions for the web in the various industries.
Furthermore the developer also consist of three-person include the Chandan Singh Rana as the lead blockchain developer that focus on security and time complexity, SrimayeeMadasu as the senior full stack developer that have 10 years professional experience on the developing application in various industries and platform,and Bogdan Fiedur that worked as the full stack developer that have various experience such as engaged on the smart contract design with its implementation for Ethereum base using solidity platform. The last is the senior level project manager Mike Tuscano that has 20 years experience in banking and information technology project.
3. The Auditchain Feature
The audit chain blockchain system is provided with the support feature of the technology stack that will include the base protocol layer, IFRS, GAAP, application layer, audit node layer, real-time blockchain, smart contract layer, etc. That provide the public-facing and permission base on the real-time financial statement and report.
The audit chain is a feature with the open-source of the library that conducted with the smart contract containing the implementation of GAAP, IFRS, GAAS, etc. The blockchain will develop on the sample of FAS the accounting treatment associated with the equity-based compensation.
4. The Auditchain Decentralized Audit and Reporting Protocol
The audit chain is leading decentralized continuous audit and real-time financial reporting protocol ecosystem that can be used for the enterprise assurance and disclosure and digital asset. The audit chain offers the continuous external validation of the enterprise system and control, financial data and disclosure of the control environments by the integrated network of chartered accountant and CPAs.
The protocol also involves the enterprise software developers and providers that have a role as the contributing resources. The audit chain enables the enterprise to provide the stakeholders with high levels of assurance through the decentralized audit consensus system through enterprise external validation.
5. The User and Initialization of Auditchain
The auditchain can be used for private companies like the venture startup, traded companies, government, non-profit organization and governmment. The audit \chain allows theindividual to responsible for the oversight of all system and control that deployed by the Auditchain that formalized with the simple smart contract. The membership of the network can be added until the Audit committee resolution can be submitted, confirmed and validated by the network. Upon the initiation, the initial collateral of AUDT token will be staked and AUDT fees can be deducted from the collateral stake.
The validation also related to the digital identities that have detailed personal information of the enterprise member. For each digital identity is have various assigned access level according to the nature and level of permission to access audit chain network. The user types of the Auditchain network is consist of the federated nodes, the non-federated nodes, enterprises, enterprise designated user, and service provider.
6. The Enterprise Implementation
After the initialization is complete its time for entering the implementation of Auditchain network, the audit chain used the legacy system integration as the main point of the ecosyystem. The auditchain provides te interoperability to the enterprise from analog legacy system to the cryptographic architecture. The audit chain of the user with the cryptographic way that inserted with the pack of decentralized external audit nodes that have the cost less than ERP software.
The scope of the implementation can be conducted by the enterprise and the selection implementation will be formed on the open-source standardized smart contract that includes with GAAP, GAAS, IFRS, etc and services that contain payroll, accounting, etc. All of that aspect will be transferred to the UI that served the solution to the complexity of the accounting and tax treatment.
Next thing is doing the operational testing to the proposed implemented to check out its functionality and also do the evaluation control that will be done by the federated nodes. After the testing is done it will generate the final state of the implementation at the deployment of the digital identity of the enterprise that existed on the Auditchain network.
7. The Auditchain Innovation
The audit chain comes as the innovation that offers the real-time reporting of the financial statements rather than simple audit opinion that based on the historical information. The audit chain will provide with the high level of assurance that associated transaction and the mathematic scheme that complaint with the IFRS and GAAP to be audited. The audit chain also offers the open-source of the library on GAAP and IFRS with the compliant smart contracts that will be fulfilled the better output of enterprise financial statement to the stakeholder-based on the permission to the general public
The audit chain also has a rigid protocol that makes the data input and transaction will be easy and fast. The financial data will be kept and secure on the audit chain blockchain that can be accessed with the specific access permissions. Overall the audit chain plays a big role in the processing and presentation of the financial statements.
Overall the Auditchain blockcain system of the user with the development and delivering disclosure and assurance framework that desperately needed either to the enterprise or the blockchain space as the regulator system. The audit chain itself enable the audit analytic and financial detail than reporting on the real-time and clear details for the enterprises also a digital asset. If you are interested with this audit chain blockchain you find out more information by contacting the email firstname.lastname@example.org with the address of Baarerstrasse 135 Zug Switzerland and you can get more deep details also opportunities to get free audit chain toke by visiting community link bbelow.
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