An article, Can Bitcoin style validation solve financial statement fraud?, has an excellent graphic provided by Auditchain that helps one understand the importance of NFTs. Here is that graphic:
I explained NFTs basics in another blog post. I point out the importance of process control in my method. Think modern accounting processes. Think about the notion of a financial report as a knowledge graph. Think "always on" audit as Engine B calls it or the "dynamic audit initiative" as the AICPA calls it. Think about ideas like Imagineering Audit 4.0 and the mirror worlds they discuss. Think about artificial intelligence assisted audits.
Think about how poorly current audit is performing.
Is traditional audit doomed?