Auditchain | Decentralized Financial Auditing and Reporting System

Businesses are increasingly obliged to allocate more resources for their financial systems. Among these resources, paper and personnel may be in great need. Financial reporting for businesses largely results in losses due to lack of competence. In addition, the surplus of personnel and waste of time are among the important factors. The companies that affect the enterprises to a great extent and are traded in the stock market are affected negatively by this situation. Often businesses need third parties to audit themselves. This situation causes the financial secrets of the enterprises to be revealed.

What is Auditchain

Nowadays, many international companies use multicenter analysis systems to manage their operating costs. A single mistake made by people working separately and under a single center affects the financial structure of the entire enterprise. In this sector, which is quite vulnerable to human error, the trust in the enterprises decreases as the payments are not made on time. Businesses use a large amount of paper to keep these records. As a result of the paper used for each process, separate centers are needed for storage. This situation causes the business structures to become cumbersome and the decisions to be taken in a difficult way.

Auditchain is the first blockchain-based platform for businesses to conduct financial analysis. Auditchain creates a transparent environment for businesses by saving businesses a great deal of paper load. With this system, enterprises can access their financial reports instantly. Businesses can easily calculate their income and expense balances without the need for financial advisors. Auditchain has developed a loyalty system for businesses with multiple structures. Business owners can access the admin system after logging in to the platform. In this system, users can easily determine which users will have the authority to what extent. In this way, there will be differences between the title of manager or the owner of the company to see the reports. The required transparency is provided by changing only the documents that the business owner should access within the profile settings.

Advantages of the Auditchain System

In this system, businesses will be able to provide security without giving their financial data to financial advisors. With the documents that few people will see, businesses will be able to provide a secure environment to a large extent.
Thanks to the multi-layered and atomic system, time-based payments can be controlled from the calendar. Businesses can use the Auditchain infrastructure to collect debts to be collected or receivables on the day of payment. This system is connected to other payment systems to ensure that these transactions take place automatically.
All transactions are held in blockchain node systems. In this way, no data about the enterprises is lost. As the owner or user wants to access historical data, he can access the details by clicking on the block number. These details include recording time and recording details.
Auditchain plans to implement its own explorer system in the near future. With this system, users can query an account with any tx id or auditchain reference number. As a result of this query, sending and receiving operations to the addresses that are processed are located.

Conclusion

Auditchain plans to use node systems. Towards the end of 2019, they plan to solve the testnet stages and remove the errors within the system. In 2020 the project will start using its own mainnet system. You can reach the details of the project that makes ieo on Exmarkets at the following addresses.