Bitcoin, Cryptocurrency And Blockchain News

Auditchain: Decentralized Auditing and Reporting

Token-based accounting system to launch its ICO in early 2018


One thing is for sure: blockchain technology and finance are a match made in heaven. Now, Auditchain are developing an automated monitoring system for accountancy, using their own developed ecosystem.

Automatic, Real-time Reporting

The technology is called DCARPE – Decentralized Continuous Audit and Reporting Protocol Ecosystem. Using a smart contract platform, the tech will record and report a range of data, including balance sheets, income statements or shifts in equity – all in real time. As a tool for auditing and reporting, this real-time aspect could be extremely valuable to companies that wish to keep tabs on tokens / crypto themselves, due to its regularly fluctuating nature.

Auditchain is fronted by Jason Meyers. He has 30 years banking experience, including founding a FinTech investment bank in 2006. Over the years, he has gained significant experience in auditing. He will combine his experience with, among others, Touradj Ebrahimi, the Director of Auditchain. He has a PhD in Electrical Engineering and an impressive technical background. Also, Eric Cohen, who co-founded XBRL and will use this experience to shape the reporting ecosystem itself.

The startup’s tagline is “Token compliance reporting for ICO’s and enterprise disclosure framework for twenty first century business”. The ICO is yet to kick off, but you can keep tabs on it here, and we will review it as it goes live, right here on Bitrazzi. What we know so far, is that the token that Auditchain will be offering is the AUDT, and it will be a way for clients to access and pay for specific services that the company offer.

Do you know anything about the team behind Auditchain? Do you think automatic, real-time updates such as these are beneficial in an accounting context? Let us know in the comments!