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| {{Infobox company | {{Infobox company | ||
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|name = Auditchain | ||
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|logo = | ||
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|type = Protocol ecosystem | ||
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|industry = {{hlist|Blockchain|Financial technology|Auditing}} | ||
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|founded = {{start date|2017|4}} | ||
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|founder = Jason Meyers | ||
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|location = | ||
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|key_people = {{hlist|Jason Meyers|Guido Schmitz-Krummacher|Tom Herlihy|David Ruder}} | ||
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|products = {{hlist|Pacioli.ai|RegFi Protocol|Process Control NFTs|Luca Suite}} | ||
| | |
|website = {{URL|auditchain.com}} | ||
| }} | }} | ||
| '''Auditchain''' is a decentralized protocol ecosystem for accounting, financial reporting, audit, and analysis. The platform integrates ] technology to provide automated assurance for financial and business information on a global scale. |
'''Auditchain''' is a decentralized protocol ecosystem for accounting, financial reporting, audit, and analysis. The platform integrates ] technology to provide automated assurance for financial and business information on a global scale. Through its primary product Pacioli.ai, it offers a web3 crypto asset disclosure and artificial intelligence based external validation DePIN (decentralized physical infrastructure) protocol. | ||
| were the main contributors to the SBRM specification, collaborating with EDM Council, a consortium of over 350 organizations who are global advocates for data and analytics management. SBRM is a technical specification designed to improve business and regulatory reporting. It enhances usability and interoperability by specifying "model based" structured data exchange, automation, and consistency using machine-readable formats like XBRL, JSON and RDF. SBRM was recommended for adoption as a technical standard in December 2024. | |||
| ⚫ | == |
||
| ==Core Products== | |||
| ===Pacioli.ai=== | |||
| Pacioli.ai is a web3 crypto asset disclosure<ref name="mica">{{cite web|title=How SBRM Enables Digital Asset White Paper Compliance Under the EU's MiCA Regulations|url=https://www.omg.org/insights/how-sbrm-enables-digital-asset-white-paper-compliance-under-the-eu-mica-regulations/|access-date=2024-12-27|website=www.omg.org|language=en}}</ref> and artificial intelligence based external validation protocol. It enables crypto asset issuers and service providers to collaborate and create machine readable white papers as well as financial and sustainability disclosure documents pursuant to emerging crypto asset regulatory requirements and technical specifications. | |||
| The platform includes two main components: | |||
| *'''Luca Suite™''': A web3 enabled disclosure automation infrastructure for collaborative machine readable crypto asset white paper, financial, and sustainability disclosure creation. | |||
| *'''Pacioli Node''': A logic and reasoning engine installed in physical locations and used by non affiliate licensees. It reads, understands and verifies that machine readable disclosures are complete, accurate and compliant. | |||
| ⚫ | ==History== | ||
| Auditchain was conceived by Jason Meyers, a fintech entrepreneur with extensive experience in capital markets and financial technology. Prior to founding Auditchain, Meyers served as CEO of both Wall Street Direct and Genesis Financial Technologies<ref name="ideamensch"/>. His experience with regulatory conflicts with ] highlighted limitations in traditional financial reporting and auditing systems, leading to the conceptualization of Auditchain. | Auditchain was conceived by Jason Meyers, a fintech entrepreneur with extensive experience in capital markets and financial technology. Prior to founding Auditchain, Meyers served as CEO of both Wall Street Direct and Genesis Financial Technologies<ref name="ideamensch"/>. His experience with regulatory conflicts with ] highlighted limitations in traditional financial reporting and auditing systems, leading to the conceptualization of Auditchain. | ||
| The project began development in April 2017, with an initial focus on creating a virtual machine for decentralized continuous audit and real-time financial reporting. Key contributors to the project's development included Guido Schmitz-Krummacher, Tom Herlihy, and David Ruder. | The project began development in April 2017, with an initial focus on creating a virtual machine for decentralized continuous audit and real-time financial reporting. Key contributors to the project's development included Guido Schmitz-Krummacher, Tom Herlihy, and David Ruder. | ||
| == |
==Technology== | ||
| The platform operates on several key technological components: | The platform operates on several key technological components: | ||
| === |
===RegFi Protocol=== | ||
| ⚫ | Named after ], considered the "father of accounting," the RegFi Protocol serves as the central technological component of Auditchain. It performs real-time validation of financial statements and control sets, enabling continuous audit functionality. In 2024, Auditchain launched the first-ever RegFi (Regulatory Finance) protocol on mainnet through Pacioli AI<ref name="bitcoin1"/>, marking a significant milestone in the integration of regulatory compliance with blockchain technology. | ||
| The core protocol utilizes ]s and blockchain technology to automate financial data creation, validation, and reporting. The system incorporates ]s (Non-Fungible Tokens) and uses the AUDT token for governance and settlement within its ecosystem. | |||
| === |
===Payment and Rewards System=== | ||
| ⚫ | Named after ], considered the "father of accounting," the |
||
| === Payment and Rewards System === | |||
| The platform utilizes both the AUDT token for governance and ] for payments and rewards<ref name="bitcoin2"/>. The integration of USDC enables users to receive compensation for providing disclosure reliability analysis, creating a financial incentive system for maintaining high-quality financial reporting standards. | The platform utilizes both the AUDT token for governance and ] for payments and rewards<ref name="bitcoin2"/>. The integration of USDC enables users to receive compensation for providing disclosure reliability analysis, creating a financial incentive system for maintaining high-quality financial reporting standards. | ||
| === |
===Process Control NFTs=== | ||
| The platform implements unique tokens that represent specific accounting, financial reporting, and audit controls. These NFTs automate internal control logic and generate royalties for developers and validators when used. | The platform implements unique tokens that represent specific accounting, financial reporting, and audit controls. These NFTs automate internal control logic and generate royalties for developers and validators when used. | ||
| == |
==Features== | ||
| The platform offers several distinctive features: | The platform offers several distinctive features: | ||
| * |
*'''Continuous Auditing''': Unlike traditional periodic audits, Auditchain provides real-time auditing and reporting capabilities, significantly reducing the delay between transaction recording and reporting. | ||
| * |
*'''Decentralized Validation Network''': A global network of accountants and auditors validates financial statements, creating a more distributed and potentially less biased audit process. | ||
| * |
*'''XBRL Integration''': The platform supports ] (XBRL) for structured data, facilitating regulatory compliance and data analysis. | ||
| * |
*'''Incentivized Development''': Through its NFT royalty system, developers and auditors can earn AUDT tokens for creating and validating control logic, encouraging the development of high-quality, reusable control sets. | ||
| == |
==Corporate Development== | ||
| In April 2022, Auditchain acquired Areport, a move that enhanced its capabilities in XBRL-based financial modeling and reporting, particularly strengthening its presence in the European market. | In April 2022, Auditchain acquired Areport, a move that enhanced its capabilities in XBRL-based financial modeling and reporting, particularly strengthening its presence in the European market. | ||
| == |
==Recent Developments== | ||
| In 2024, Auditchain achieved a significant milestone with the launch of the first RegFi protocol on mainnet through Pacioli AI. This development represents the first implementation of regulatory finance protocols in blockchain technology, allowing for automated compliance and real-time validation of financial reporting. The mainnet deployment aims to bring approximately 25 million annual XBRL disclosures on-chain<ref name="brave"/>. | In 2024, Auditchain achieved a significant milestone with the launch of the first RegFi protocol on mainnet through Pacioli AI. This development represents the first implementation of regulatory finance protocols in blockchain technology, allowing for automated compliance and real-time validation of financial reporting. The mainnet deployment aims to bring approximately 25 million annual XBRL disclosures on-chain<ref name="brave"/>. | ||
| In another significant development, the platform integrated USDC payments and rewards for disclosure reliability analysis, establishing a financial incentive structure for participants who contribute to maintaining high standards of financial reporting<ref name="bitcoin2"/>. This integration represents a step toward creating a sustainable ecosystem for decentralized financial assurance. | In another significant development, the platform integrated USDC payments and rewards for disclosure reliability analysis, establishing a financial incentive structure for participants who contribute to maintaining high standards of financial reporting<ref name="bitcoin2"/>. This integration represents a step toward creating a sustainable ecosystem for decentralized financial assurance. | ||
| == |
==Recognition== | ||
| Auditchain has received recognition from established accounting institutions and professional organizations. The platform has been acknowledged by state CPA societies, with the Minnesota Society of CPAs featuring coverage of Auditchain and the DCARPE Alliance in their professional publication "Footnote"<ref name="mncpa"/>. This recognition from traditional accounting bodies highlights the platform's potential impact on the profession's future. | Auditchain has received recognition from established accounting institutions and professional organizations. The platform has been acknowledged by state CPA societies, with the Minnesota Society of CPAs featuring coverage of Auditchain and the DCARPE Alliance in their professional publication "Footnote"<ref name="mncpa"/>. This recognition from traditional accounting bodies highlights the platform's potential impact on the profession's future. | ||
| == |
==Reception and Media Coverage== | ||
| Auditchain has received significant media attention, with Forbes describing it in 2018 as "the biggest thing to happen in blockchain since Bitcoin"<ref name="forbes"/>. This coverage highlighted the potential impact of the platform on the financial industry and its innovative approach to auditing and financial reporting. | Auditchain has received significant media attention, with Forbes describing it in 2018 as "the biggest thing to happen in blockchain since Bitcoin"<ref name="forbes"/>. This coverage highlighted the potential impact of the platform on the financial industry and its innovative approach to auditing and financial reporting. | ||
| == |
==Governance== | ||
| Auditchain implements a token-based governance system using the AUDT token. Token holders can participate in decision-making processes regarding protocol upgrades and resource allocation. The platform maintains an active community of developers, accountants, and investors across various platforms including LinkedIn, Reddit, and Discord. | Auditchain implements a token-based governance system using the AUDT token. Token holders can participate in decision-making processes regarding protocol upgrades and resource allocation. The platform maintains an active community of developers, accountants, and investors across various platforms including LinkedIn, Reddit, and Discord. | ||
| == |
==Future Development== | ||
| Auditchain's development roadmap includes plans to incorporate artificial intelligence and machine learning technologies to enhance its financial reporting and audit framework with more sophisticated analysis and prediction capabilities. | Auditchain's development roadmap includes plans to incorporate artificial intelligence and machine learning technologies to enhance its financial reporting and audit framework with more sophisticated analysis and prediction capabilities. | ||
| == |
==See also== | ||
| * |
*] | ||
| * |
*] | ||
| * |
*] | ||
| * |
*] | ||
| * |
*] | ||
| == |
==References== | ||
| {{ |
{{reflist|refs= | ||
| <ref name="forbes">{{cite web |
<ref name="forbes">{{cite web|last=Clarke|first=Gina|date=July 31, 2018|title=The Biggest Thing To Happen In Blockchain Since Bitcoin|url=https://www.forbes.com/sites/ginaclarke/2018/07/31/the-biggest-thing-to-happen-in-blockchain-since-bitcoin/|website=Forbes|access-date=December 26, 2024}}</ref> | ||
| ⚫ | <ref name="ideamensch">{{cite web|title=Jason Meyers - Founder and CEO of Auditchain Labs AG|url=https://ideamensch.com/jason-meyers/|website=IdeaMensch|access-date=December 26, 2024}}</ref> | ||
| ⚫ | <ref name="mncpa">{{cite web|title=What Auditchain and DCARPE Alliance means for the profession|url=https://www.mncpa.org/resources/publications/footnote/december-2019-january-2020/what-auditchain-and-dcarpe-alliance-means-for-the/|website=Minnesota Society of CPAs Footnote|date=December 2019|archive-date=2020-03-15|archive-url=https://web.archive.org/web/20200315191711/https://www.mncpa.org/resources/publications/footnote/december-2019-january-2020/what-auditchain-and-dcarpe-alliance-means-for-the/|url-status=dead}}</ref> | ||
| ⚫ | <ref name="ideamensch">{{cite web |
||
| ⚫ | <ref name="bitcoin1">{{cite web|title=Pacioli AI: First Ever RegFi Protocol Goes Live on Mainnet|url=https://news.bitcoin.com/pacioli-ai-first-ever-regfi-protocol-goes-live-on-mainnet/|website=Bitcoin.com News|access-date=December 26, 2024}}</ref> | ||
| ⚫ | <ref name="brave">{{cite web|title=Pacioli AI: First Ever RegFi Protocol Deploys to Mainnet|url=https://bravenewcoin.com/insights/pacioli-ai-first-ever-regfi-protocol-deploys-to-mainnet|website=Brave New Coin|access-date=December 26, 2024}}</ref> | ||
| ⚫ | <ref name="mncpa">{{cite web |
||
| ⚫ | <ref name="bitcoin2">{{cite web|title=Pacioli AI Integrates USDC Payments and Rewards for Disclosure Reliability Analysis|url=https://news.bitcoin.com/pacioli-ai-integrates-usdc-payments-and-rewards-for-disclosure-reliability-analysis/|website=Bitcoin.com News|access-date=December 26, 2024}}</ref> | ||
| ⚫ | <ref name="bitcoin1">{{cite web |
||
| <ref name="bitcoin1">{{cite web |title=Pacioli AI: First Ever RegFi Protocol Goes Live on Mainnet |url=https://news.bitcoin.com/pacioli-ai-first-ever-regfi-protocol-goes-live-on-mainnet/ |website=Bitcoin.com News |access-date=December 26, 2024}}</ref> | |||
| ⚫ | <ref name="brave">{{cite web |
||
| ⚫ | <ref name="bitcoin2">{{cite web |
||
| }} | }} | ||
| == |
==External links== | ||
| ⚫ | *{{Official|auditchain.com}} | ||
| ⚫ | * | ||
| ⚫ | {{Official|auditchain.com}} | ||
| ⚫ | |||
| {{Authority control}} | {{Authority control}} | ||
Revision as of 02:52, 27 December 2024
| Company type | Protocol ecosystem |
|---|---|
| Industry |
|
| Founded | April 2017 (2017-04) |
| Founder | Jason Meyers |
| Key people |
|
| Products |
|
| Website | auditchain |
Auditchain is a decentralized protocol ecosystem for accounting, financial reporting, audit, and analysis. The platform integrates blockchain technology to provide automated assurance for financial and business information on a global scale. Through its primary product Pacioli.ai, it offers a web3 crypto asset disclosure and artificial intelligence based external validation DePIN (decentralized physical infrastructure) protocol.
Auditchain Labs AG were the main contributors to the SBRM specification, collaborating with EDM Council, a consortium of over 350 organizations who are global advocates for data and analytics management. SBRM is a technical specification designed to improve business and regulatory reporting. It enhances usability and interoperability by specifying "model based" structured data exchange, automation, and consistency using machine-readable formats like XBRL, JSON and RDF. SBRM was recommended for adoption as a technical standard in December 2024.
Core Products
Pacioli.ai
Pacioli.ai is a web3 crypto asset disclosure and artificial intelligence based external validation protocol. It enables crypto asset issuers and service providers to collaborate and create machine readable white papers as well as financial and sustainability disclosure documents pursuant to emerging crypto asset regulatory requirements and technical specifications.
The platform includes two main components:
- Luca Suite™: A web3 enabled disclosure automation infrastructure for collaborative machine readable crypto asset white paper, financial, and sustainability disclosure creation.
- Pacioli Node: A logic and reasoning engine installed in physical locations and used by non affiliate licensees. It reads, understands and verifies that machine readable disclosures are complete, accurate and compliant.
History
Auditchain was conceived by Jason Meyers, a fintech entrepreneur with extensive experience in capital markets and financial technology. Prior to founding Auditchain, Meyers served as CEO of both Wall Street Direct and Genesis Financial Technologies. His experience with regulatory conflicts with FINRA highlighted limitations in traditional financial reporting and auditing systems, leading to the conceptualization of Auditchain.
The project began development in April 2017, with an initial focus on creating a virtual machine for decentralized continuous audit and real-time financial reporting. Key contributors to the project's development included Guido Schmitz-Krummacher, Tom Herlihy, and David Ruder.
Technology
The platform operates on several key technological components:
RegFi Protocol
Named after Luca Pacioli, considered the "father of accounting," the RegFi Protocol serves as the central technological component of Auditchain. It performs real-time validation of financial statements and control sets, enabling continuous audit functionality. In 2024, Auditchain launched the first-ever RegFi (Regulatory Finance) protocol on mainnet through Pacioli AI, marking a significant milestone in the integration of regulatory compliance with blockchain technology.
Payment and Rewards System
The platform utilizes both the AUDT token for governance and USDC for payments and rewards. The integration of USDC enables users to receive compensation for providing disclosure reliability analysis, creating a financial incentive system for maintaining high-quality financial reporting standards.
Process Control NFTs
The platform implements unique tokens that represent specific accounting, financial reporting, and audit controls. These NFTs automate internal control logic and generate royalties for developers and validators when used.
Features
The platform offers several distinctive features:
- Continuous Auditing: Unlike traditional periodic audits, Auditchain provides real-time auditing and reporting capabilities, significantly reducing the delay between transaction recording and reporting.
- Decentralized Validation Network: A global network of accountants and auditors validates financial statements, creating a more distributed and potentially less biased audit process.
- XBRL Integration: The platform supports eXtensible Business Reporting Language (XBRL) for structured data, facilitating regulatory compliance and data analysis.
- Incentivized Development: Through its NFT royalty system, developers and auditors can earn AUDT tokens for creating and validating control logic, encouraging the development of high-quality, reusable control sets.
Corporate Development
In April 2022, Auditchain acquired Areport, a move that enhanced its capabilities in XBRL-based financial modeling and reporting, particularly strengthening its presence in the European market.
Recent Developments
In 2024, Auditchain achieved a significant milestone with the launch of the first RegFi protocol on mainnet through Pacioli AI. This development represents the first implementation of regulatory finance protocols in blockchain technology, allowing for automated compliance and real-time validation of financial reporting. The mainnet deployment aims to bring approximately 25 million annual XBRL disclosures on-chain.
In another significant development, the platform integrated USDC payments and rewards for disclosure reliability analysis, establishing a financial incentive structure for participants who contribute to maintaining high standards of financial reporting. This integration represents a step toward creating a sustainable ecosystem for decentralized financial assurance.
Recognition
Auditchain has received recognition from established accounting institutions and professional organizations. The platform has been acknowledged by state CPA societies, with the Minnesota Society of CPAs featuring coverage of Auditchain and the DCARPE Alliance in their professional publication "Footnote". This recognition from traditional accounting bodies highlights the platform's potential impact on the profession's future.
Reception and Media Coverage
Auditchain has received significant media attention, with Forbes describing it in 2018 as "the biggest thing to happen in blockchain since Bitcoin". This coverage highlighted the potential impact of the platform on the financial industry and its innovative approach to auditing and financial reporting.
Governance
Auditchain implements a token-based governance system using the AUDT token. Token holders can participate in decision-making processes regarding protocol upgrades and resource allocation. The platform maintains an active community of developers, accountants, and investors across various platforms including LinkedIn, Reddit, and Discord.
Future Development
Auditchain's development roadmap includes plans to incorporate artificial intelligence and machine learning technologies to enhance its financial reporting and audit framework with more sophisticated analysis and prediction capabilities.
See also
References
- "How SBRM Enables Digital Asset White Paper Compliance Under the EU's MiCA Regulations". www.omg.org. Retrieved 2024-12-27.
- "Jason Meyers - Founder and CEO of Auditchain Labs AG". IdeaMensch. Retrieved December 26, 2024.
- "Pacioli AI: First Ever RegFi Protocol Goes Live on Mainnet". Bitcoin.com News. Retrieved December 26, 2024.
- ^ "Pacioli AI Integrates USDC Payments and Rewards for Disclosure Reliability Analysis". Bitcoin.com News. Retrieved December 26, 2024.
- "Pacioli AI: First Ever RegFi Protocol Deploys to Mainnet". Brave New Coin. Retrieved December 26, 2024.
- "What Auditchain and DCARPE Alliance means for the profession". Minnesota Society of CPAs Footnote. December 2019. Archived from the original on 2020-03-15.
- Clarke, Gina (July 31, 2018). "The Biggest Thing To Happen In Blockchain Since Bitcoin". Forbes. Retrieved December 26, 2024.
External links