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The world of modern business relations is teeming with a huge number of different enterprises, companies and organizations. Each of which has its own purpose and not all of it is useful. I think you are well aware of what I wanted to say, because not all companies are honest and open business processes, as well as not always plausible hand over their reports. To regulate the market from such "garbage" companies and organizations intends to audit system, both independent and generally accepted, which is carried out annually regardless of what country in the world you are.

Problems

But, as elsewhere in the audit system also has its shortcomings. And they are naturally associated to a greater extent with poor-quality verification of the same companies or any other organizations. It would seem that the system of this level, responsible for the quality and integrity of all documentary and legal processes of the business hierarchy, can not make mistakes, as each mistake can then cost too much money and other negative consequences. What is undesirable in the modern world, because without the quality of their proper obligations, entrepreneurs will be able to relax and not to conduct all their business clearly, structured and most importantly within the law.

However, as much as we would like the old principles of audit, become less effective and objective from year to year. That naturally has a cumulative effect, the consequences of which will soon fall on us from all sides. To prevent such an incident will allow a new decentralized project, which has found not only high-quality, but also a technological solution to all the above problems.

About the project

This project is called - Auditchain. The main principle of this project lies in the continuous audit analysis of the data of any enterprise or organization, the processing, and collection of data of which is carried out directly using the built-in tools and blockchain technology. This technique will improve the entire existing accounting, as well as eliminate any human factor and the associated shortcomings and errors.

Thus, the full-fledged structure of the Auditchain project will allow you to check in real-time all the necessary documents of a project, as well as check its income, reports from accounting and much more. Moreover, this entire procedure will be automatic, which will significantly save an enormous amount of time and effort that was previously spent on classical audit systems.

Features

Naturally, in order to efficiently carry out all the declared functions and processes, the founders of Auditchain, in addition to the blockchain structure, used a number of additional elements, including technologies such as Stack and smart contract.

If we talk about each of them in more detail, for example, thanks to the basic Stack layers, the same public check of financial statements in real-time takes place. At the same time, providing full-fledged statistical reporting for each individual object being checked.

As for the smart contract, it will be developed in accordance with all the rules of state accounting, as well as comply with jurisdictional protocols and all related tax regimes.

Benefits

The main advantage of Auditchain over classical audits is the fact that absolutely all internal audit processes will be transparent, reliable and unchangeable. It will not be possible to falsify reports regarding the ongoing audit. Here it will not be possible to make this test biased or to direct one’s feelings about the company being checked whether the company is in one direction or another. Here it is impossible to arrange data manipulation or hide real statistics since most of the checks will be performed by automatically built-in algorithms.

Which will naturally allow bringing the entire structure of audits around the world to a new, better level. Depriving chances of developing low-quality projects, companies or any other organizations. I look at this prospect positively, as it simplifies the life of not only all companies involved in independent audits, but also entrepreneurs knowingly conduct their business processes honestly and openly. Depriving themselves of the opportunity to lie somewhere or to deceive the authorities.

At the same time, within the framework of the Auditchain structure, users will be able not only to get into accounting records, receive statistical analysis but also undergo all kinds of testing and digital certification of their nodes.

Token Info

To monitor all current processes Auditchain system will enable the internal token AUDT. Moreover, its use will allow Auditchain system participants to purchase various packages of services available within the ecosystem. The token itself is developed on the basis of the Ethereum blockchain and belongs to the ERC-20 standard. The total offer of AUDT tokens will be only 250 million.

Current Name: AUDT
Token platform: ERC-20
Total symbolic amount: AUD 250 million
Token Selling Amount: AUD 100 million

Roadmap

Team

Conclusion

There is no doubt that Auditchain will play an important role in bringing the real use cases of blockchain technology in mainstream sector. Auditchain is aiming to disrupt audit sector through decentralized nature of blockchain technology. It brings complete transparency and trust in the audit process. Thus, enterprises, companies and businesses can reliably audit their workflows. Auditchain will be a disrupting project in the blockchain and crypto space.

Finally I would suggest you to read the official whitpepaper of the project for more details. This project needs much public attention and I wish all the best for this great project.