Digital Financial Reporting

Auditchain has announced the release of its testnet.  This is one step closer to a commercial launch and availability of Auditchain.

Auditchain Labs AG, the developer of the world’s first decentralised accounting, financial reporting, audit and analysis virtual machine for assurance and disclosure, has launched its network client “Pacioli” on the Goerli Ethereum test network.

I have mentioned Pacioli in the past, specifically the Pacioli Power User Tool.  Pacioli is a specialization of PROLOG for use in financial reporting.  Basically, you take the general functionality of PROLOG, add to that a global standard logical model of a business report and financial report, and then the power of PROLOG is easy for accountants to make use of.

Be sure to read up on NFT basics. Auditchain says they will be paying accountants royalties: 

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.

Want to join a process control NFT creation study group? Ping me.  Here is a document I am creating to help accountants create NFTs, Process Control NFT Creation for Novices. 

ACCZIOM appears to be using Auditchain already.

You will want to keep watching Auditchain. Be an accountant that changed the world.

Here are a few additional articles about Auditchain and what they are doing: 

• Auditchain Will Use NFTs For Accounting And Disclosure Controls
• AuditChain pioneers a system for Accounting and Disclosure Control Development
• Can Bitcoin style validation solve financial statement fraud?
• AUDITCHAIN IS DISRUPTING A $550 BILLION A YEAR INDUSTRY
• Auditchain One Page Explanation

Keep an eye on what is going on here.