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| 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. Its core features include continuous auditing capabilities, decentralized validation, and a virtual machine called Pacioli for real-time financial statement validation.
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:
Auditchain Protocol
The core protocol utilizes smart contracts and blockchain technology to automate financial data creation, validation, and reporting. The system incorporates NFTs (Non-Fungible Tokens) and uses the AUDT token for governance and settlement within its ecosystem.
Pacioli Virtual Machine and RegFi Protocol
Named after Luca Pacioli, considered the "father of accounting," the Pacioli virtual machine 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
- "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.
{{cite web}}: Check|archive-url=value (help)CS1 maint: url-status (link) - Clarke, Gina (July 31, 2018). "The Biggest Thing To Happen In Blockchain Since Bitcoin". Forbes. Retrieved December 26, 2024.
External links
Official website Auditchain on LinkedIn