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Auditchain to embrace the Beauty Of Non Fungible Tokens for Accounting and Disclosure Controls

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Written by   15
2 months ago


A little teaser from the crypto markets:

I did blindly bump into a very short post about the potential price of ETHEREUM, as though I couldn't decide judging from the nature of the crypto markets. Everyone is in anticipation of the London fork but notwithstanding, from my observation so far, the fork isn't strong enough to have a great influence on the Ethereum market price. Maybe after the fork, we could see some nice movements, but for now, BTC is still having individuals playing around the market. Bitcoin saw yet another drop below 30k, currently hovering around 29k, and as a result, the crypto market has lost $100 billion.

However, that's not something to panic, the inner workings of the Markets aren't a collective decision. Rather, it's an independent market, individuals will take and give, so yes, BTC is still at its tiptoes, not quite sure when it will be back on its full feet.

On a more exciting news, Auditchain has got some shits going on. Well, it may not entirely mean shit, but everything counts.

Question ; What Makes Non Fungible Tokens so special?

Michael Saylor may have digressed a bit when he said Bitcoin was more of a digital asset than a currency. Although his unstable stance on the future of cryptocurrency is quite sensed from his statement, Bitcoin is a store of value, could as well be called a digital asset because of it's worth, but that sounded more like an "NFT" Which bitcoin isn't. NFTs are non-fungible, they are uniquely created and as such cannot be traded by likeness. The beauty and specialty of NFTs is how it's quite aiding in digitalising assets, and without doubts, it's just done quite a lot to bring to the open the uniqueness of cryptocurrency and blockchain at large.

"Auditchain enables enterprises to provide stakeholders with the highest levels of assurance through decentralized consensus-based enterprise external validation."

The quest for an even transparent finance system is what "decentralized programs" are all about. Defi has created a means to invest and regenerate income in a trustworthy network, while keeping all information stored on the blockchain, ensuring transparency as though it's a prime factor. While the world of finance still revolves around centralized powers, regardless of set regulations placed on investment firms, it's only obvious that manipulations still lay within considering the nature of centralized authorities.

To audit is to examine, so what's the better way for auditing than in a decentralized system? Auditchain is said to function from this angle. To add to its above quest ;

July 20, 2021, Auditchain Labs AG, ( the developer of the world’s first decentralized accounting, financial reporting, audit and analysis virtual machine for assurance and disclosure, today announced a new NFT creation platform that will allocate royalties between curators and validators of global standard logic-based accounting and disclosure control components.
Accountants. reporting managers, CFOs, controllers, and financial analysts will now be able to use the Auditchain Protocol to write, validate and own logic-based accounting and disclosure control “assets” that substantially automate accounting, financial reporting, audit and analysis processes using a global standard syntax on the Auditchain Protocol.
Non-fungible tokens representing the controls are issued to the curators, and royalties are allocated between curators and validators who audit and provide assurance that the machine-readable logic works correctly. Royalties will be allocated in AUDT, the settlement and Auditchain Protocol governance token.
As more and more of the world’s accountants and professionals create and contribute more and more controls to the virtual machine, members of the institution of accountancy can move from performing manual tasks to writing controls that automate internal control logic and controls over financial reporting while building a portfolio that generates income and opportunities for liquidity.

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From all the shits laid out above, we may just be looking at another shit to fill a couple of spaces in newsletters for the next coming days. However, it's obvious that NTFs are here to stay. Few days ago "White Male Artist Wants To Know If You’ll Buy His $HT NFTs". then "Jerry Garcia Band Manager Big Steve Parish to Auction Off Grateful Dead Memorabilia as NFTs"

It's all clear, it's all there, just use some glasses if you're having problems with your vision, wink ;)

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Written by   15
2 months ago
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