Blockchain technology in the auditing environment

Abstract

Blockchain technology is already being talked about as one of the megatrends for the next years. Researchers and organisations are starting to understand the potential benefits of this technology and are exploring how it can disrupt the world we live in with a diverse range of applications. But the truth is the ability to move blockchain from concept to adoption and production has been minimal yet. When it comes to auditing, blockchain solutions could have important benefits by reducing the workload of the auditors, helping in minimising fraud and optimising the existing processes but is also vital to have in mind other emerging technologies. Factom, Libra, and Verady are some examples of companies developing blockchain solutions that can be applied in the auditing environment, but much of the necessary development is still yet to be done.