Audit firms help in identifying the loopholes and act as an essential part of a company’s efficiency. An Audit firm’s main tasks revolve around reviewing activities to reduce costs and minimize inefficiencies of the organization. In recent years, this industry has been hit with data tampering because the data stored in centralized servers is a mere hack away. The records could be forged easily that could burn out the company’s money as well as incur extra costs to the firms.
How can ProofEasy help the Audit Industry?
What problems does the Audit Industry face?
How much is the audit industry affected due to manipulation?
The Blockchain is already powering the financial industry with people investing in cryptocurrencies and using it as a medium of payment. It has already made its presence felt in dozens of industries and the audit industry looks speculative in terms of utilizing this technology.
The manipulation of records for internal purposes is very common in the audit industry where internal members try to make false accounts. This not only tarnishes a company’s image but also comes under the government’s scrutiny.
In a case dating back to two decades, a company’s newly appointed CEO, and his team discovered that the company had reported fake earnings worth over $1.7 billion. After the intervention of the SEC (Securities and Exchange Commission), the top position holders were held guilty and a heavy fine was imposed on them. The auditors were penalized a hefty amount for wrongly interpreting the records.
Blockchain for Protection & Transparency
With the rising trends in cryptocurrencies, the blockchain came into the limelight and everyone started to implement it in every industry. If you search the web for the research papers, you would be astonished to find the use cases that are being crafted by people.
Blockchain is a chain of blocks and a type of Distributed ledger technology that allows for sharing of data across nodes. The data entered in the nodes are well encrypted by cryptography and are not vulnerable for a hacker to play with. These points suffice with Blockchain as the right choice to protect your company’s data.
How is Blockchain Ensuring Data Protection & Authenticity?
QR Code Based Document Authentication
In the audit industry, transactional records are very important to be taken care of. They are the backbone of the company and have insights into the company’s expenditures and everything related to their financials.
The traditional measures had records stored on files or computer systems in a centralized manner. They have a higher chance of data being stolen or tampered with. With a secure QR code, you have the flexibility to allow only restricted members to access the documents and e-Certificates through their smartphones.
Decentralized Data Protection
Blockchain is a type of DLT that allows for sharing records across a distributed network of nodes. The perk of this technology is that you do not need to have any centralized server and the reliability lies in consensus through a peer-to-peer process to verify, and it also records every item and transaction in the system.
This helps in removing the intermediaries from the picture. Also, a transaction once logged into the blocks remains intact and cannot be tampered with (or rewritten) at any cost.
Blockchain ensures decentralized data protection over a centralized data protection policy. With data protection through blockchain technology, your business lies in safe hands.
Seamless Adoption & Instant Verification
The data is protected until now, but what if I have to access and provide data access (within the company)? With QR code access, this gives you complete peace of mind. It ensures 100 percent data security. QR code generation is a short process but helps your company to achieve data security.
Sharing confidential documents will be super easy by simply adding the new smart devices for authorization that will be controlled by the IT department of the company. This helps in protecting the data and allowing only specific people access to documents.
The data protection provided by ProofEasy is top-notch and provides an easy and accessible platform for digital data exchange. The real-time scanning feature establishes trust and helps to validate the copy from the original document. Utilizing the power of Blockchain, it uplifts the game of data protection and prevents data fraud.
ProofEasy eliminates the role of third-party by offering a reference point for verification on the blockchain.