For the past few years, Auditchain Labs AG has been developing the world’s first and only Web3 financial disclosure and proof of assurance infrastructure that is aimed at solving the opaque nature of centralized crypto exchanges. It also allows exchange users to verify the integrity and reliability of financial disclosure information.
Based in Zug, Switzerland, Auditchain is a decentralized accounting, reporting, audit, and analysis protocol. According to the team, the Auditchain Protocol incentivizes and enables accountants, CFOs, CFAs, and other professionals to create, validate, and own Process Control NFTs. These NFTs automate accounting, financial reporting, audit, and analysis processes using a machine-readable global standard syntax on the Auditchain Protocol.
To further elaborate, a Process Control NFT is an immutable, transferrable digital representation of a control that automates an accounting, financial reporting, audit, or analysis process. A Process Control NFT uses the ERC1155 standard to represent ownership on the Ethereum or Polygon blockchain, or other EVM chain. It also allows unprecedented data insights on compliance with accounting and financial disclosure standards.
The team at Auditchain Labs believes that the yearlong crypto crash of 2022 has created an incredible opportunity for exchanges to articulate financial disclosure to users and enable auditors, accountants, and professionals to move from hourly fees and centralized manual labor to earning royalties on the Auditchain Protocol.
“It is designed to modernize assurance and financial disclosure for what’s left of society’s 21st-century open ledger-based investor,” says Jason Meyers, the lead architect of the Auditchain Labs team. Meyers added, “The Auditchain Protocol is suitable for any economic entity to articulate financial disclosure with substantially increased levels of detail”.
Interestingly, royalties are paid in AUDT which is the staking, settlement, and governance token on the Auditchain Protocol. Each time the Process Control NFTs are used to create and audit financial statements, the creators and the validators of the Process Control NFTs get paid royalties.
The Auditchain Protocol was conceived by its lead architect, Jason Meyers in response to the conclusion of a regulatory conflict over an accounting in 2014 that ended his 25-year banking career. Meyers took many companies public including Alexion Pharmaceuticals which was acquired by Astrazeneca for USD$41 Billion.
Meyers has a strong belief that the “TradFi” like activities that occur in crypto could kill innovation. He strongly believes the crypto space needs to find a way to compromise and use existing disclosure frameworks or be subjected to politically imposed and misguided regulations.
Interested users can visit the Auditchain Labs AG website for more information and follow its Twitter channel. Jason Meyers can be reached on LinkedIn or on Twitter .
About Auditchain Labs AG
Auditchain Labs AG is developing the world’s first decentralized accounting, reporting, audit, and analysis protocol that automates and provides proof of assurance on the world’s financial and business information. The Auditchain Protocol enables the world’s accountants, reporting managers, CFOs, controllers, and CFAs to earn royalties through the creation of accounting, reporting, audit and analysis process controls. NFTs are issued to creators and royalties are allocated between creators and auditors of the controls.
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