Blockchain-Based Auditing Platform for Transparent Financial Transactions

Authors

  • Bhavik Patel PCB Design Engineer, Innovative Electronics Corporation, 750 Trumbull Dr, Pittsburgh, PA 15205, USA
  • Kishore Mullangi Staff Site Reliability Engineer, Visa Inc., Austin, TX, USA
  • Charlotte Roberts Junior Research Fellow, Australian Graduate School of Engineering (AGSE), UNSW, Sydney, Australia
  • Niravkumar Dhameliya PLC Programmer, Innovative Electronics Corporation, 750 Trumbull Dr, Pittsburgh, PA 15205, USA
  • Sai Sirisha Maddula Developer, Digital Intelligence Systems, LLC (Disys), McLean, Virginia, USA

Keywords:

Blockchain, Auditing, Financial Transactions, Accountability, Trustworthy, Distributed Ledger Technology, Audit Trail

Abstract

Blockchain-based auditing platforms (BBAPs) are revolutionary in improving financial transaction accountability and transparency. This study examines the advantages, difficulties, and policy implications of BBAPs for open financial transactions. The study's primary goals are to investigate the usefulness and effectiveness of BBAPs, pinpoint implementation difficulties, and offer policy suggestions to encourage their uptake. To analyze the salient characteristics, potential uses, and regulatory implications of BBAPs, the technique thoroughly assesses the body of current literature, including academic journals, publications, and regulatory guidelines. Significant discoveries demonstrate how BBAPs can increase trust in financial transactions, boost transparency, and expedite auditing procedures. To reach the full potential of BBAPs, however, obstacles, including technology limits, unpredictability in regulations, and impediments to user adoption, must be overcome. Policy implications include the need for stakeholder participation, investment in R&D, capacity training, and regulatory clarity to remove obstacles and encourage the use of BBAPs in transparent financial transactions.

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Published

2019-12-31

How to Cite

Patel, B., Mullangi, K., Roberts, C., Dhameliya, N., & Maddula, S. S. (2019). Blockchain-Based Auditing Platform for Transparent Financial Transactions. Asian Accounting and Auditing Advancement, 10(1), 65–80. Retrieved from https://4ajournal.com/article/view/92

Issue

Vol. 10 No. 1 (2019): January - December

Section

Articles

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Copyright (c) 2019 Asian Accounting and Auditing Advancement

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