Blockchain based audit trail

From at least the time of the Sumerians we have had ledgers. The technology of ledgers has evolved over the millennia from cuneiform tablets to papyrus, tally sticks, paper, and databases. We are witnessing a further stage of evolution to smart ledgers. The central third party approach, while scarcely bettered over millennia of civilisation, has its problems. The two biggest problems are corruption and monopoly. Any central registry becomes a target for cheating and the controllers of the ledger are an obvious weakness.

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Blockchain based audit trail

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Content:

• Research Highlights
• A Blockchain-Based Public Auditing Protocol with Self-Certified Public Keys for Cloud Data
• How blockchain technology will affect the audit
• Blockchains for Artificial Intelligence
• Immutable Audit Trail
• Blockchain Enabled Privacy Audit Logs
• Blockchain audit trails
• Creating an immutable audit trail on the blockchain with Xero & Tierion
• Verify E-signatures in a Snap with Audit Trails
• A Blockchain-Based Audit Trail Mechanism: Design and Implementation

WATCH RELATED VIDEO: How Blockchain can Alter Accounting and the Audit.

Research Highlights

This repository contains a fork of the Incode Contact App , with a proof-of-concept blockchain audit trail implementation built on top of it. This blockchain audit trail is part of my Bachelor's thesis on validating audit trail data at the University of Amsterdam. The full version of this thesis is available here , and a demo video of this implementation is available on YouTube. The audit trail implementation can be found here , with the most important functionality residing in the AuditerServiceUsingBlockchain class.

It works by aggregating all changes inside a single database transaction, and saving this as an Audit Entry object. A hash of this Audit Entry object is then submitted to our smart contract using Web3j. The Ethereum smart contract implementation can be found here. This contract has the ability to audit Audit Entries by storing their identifier and data hash in a mapping.

Next, it can validate these Audit Entries by comparing the stored identifier-hash pair against the one that is passed to the function. Finally, because it saves a list of all audited transaction identifiers, it is possible to check for missing Audit Entries in the application audit trail. The integration between this audit trail and the smart contract is made with Web3j, a Java library used for connecting with Ethereum based blockchains. To easily use Web3j in Apache Isis applications I created a Web3Service, which contains a web3j instance, the credentials to an Ethereum account, and a deployed instance of the AuditTrail smart contract.

The Web3Service gets its properties from Apache Isis configuration files such as isis. This file already includes some of the configuration properties, specifically the following ones:.

These properties grant the options to add a custom gas limit and gas price for the Ethereum transactions, and it allows the application to connect to an AuditTrail smart contract that has already been deployed.

When omitted, a new contract will be deployed. There are two configuration properties that still need to be configured in order to connect with a blockchain:. The privateKey property specifies the private key of an Ethereum account, which will be used to send transactions to the AuditTrail smart contract.

If these are not specified, the application falls back on a locally running Ganache instance with its test accounts, so be sure to have it running. Next, be sure to add your custom configuration properties to the isis. One of these two steps need to be executed, otherwise the audit trail implementation will not function. There are two Dockerfiles for this repository, the first Dockerfile copies the full repository to the Docker image, and builds it inside the image.

Both files use Tomcat 8 with Oracle Java 8 to run the application. The application can be run with Docker with the dockerise. The application is a simple contact management app. Contacts can be created and added to Groups. Every application interaction gets logged to the blockchain audit trail. In the Activity menu to the top right it is possible to see the entire audit trail, validate the audit trail against the blockchain, and search through it.

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Could not load branches. Could not load tags. Latest commit. Git stats 42 commits. Failed to load latest commit information. View code. Blockchain Audit Trail This repository contains a fork of the Incode Contact App , with a proof-of-concept blockchain audit trail implementation built on top of it.

The full version of this thesis is available here , and a demo video of this implementation is available on YouTube Contents Audit Trail The audit trail implementation can be found here , with the most important functionality residing in the AuditerServiceUsingBlockchain class.

Smart Contract The Ethereum smart contract implementation can be found here. Web3Service The integration between this audit trail and the smart contract is made with Web3j, a Java library used for connecting with Ethereum based blockchains. This file already includes some of the configuration properties, specifically the following ones: application.

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A Blockchain-Based Public Auditing Protocol with Self-Certified Public Keys for Cloud Data

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How blockchain technology will affect the audit

It is based on a set of pre-determined guidelines, normally the International Accounting Standards, or GAAP generally accepted accounting principles. Because the client is responsible for paying the auditor, an inherent bias emerges. Whether the auditor can detect this or not is largely immaterial — the fact that potential exists for compromising the accuracy of the financial statements at the expense of the public is of grave concern. This has significant implications for how internal and external parties — including regulators — perceive the quality of the auditing process. There have been high-profile cases where poor standards of auditing have been uncovered, and which have had significant consequences on the accounting industry. Enron is arguably the most high profile example. Indeed, by the time Enron collapsed in early , it was revealed that US companies had to restate accounts in the previous 4 years alone. Indeed, the basis for many auditing failures since then has been the questionable business relationship between auditor and client, which has generated much conflict of interest. Perhaps in the wake of the Enron scandal, the biggest fallout experienced by the global auditing industry was the loss in public trust. Auditors are trusted upon to issue their opinion as accurately as possible, while the public also trusts that the company has not tried to cook the books.

Blockchains for Artificial Intelligence

By: Nelson M. The marketing, sale and distribution of drug products are regulated in most countries, and fully one-quarter of them uphold very robust regulatory regimes. All of them are small, poor or isolated, and account for only a sliver of the worldwide pharmaceutical market. In addition to setting strict standards for proving the safety, effectiveness and shelf life of medicines through clinical trials and stability tests, and licensing the marketing of proven products within those countries, robust regulation makes it mandatory for manufacturers and distributors to follow good manufacturing practice GMP or good distribution practice GDP standards, procedures and controls to:.

Immutable Audit Trail

Deniz Appelbaum, Robert A. Journal of Information Systems 1 June ; 34 2 : 5— We then take these design requirements for auditors and, using design science research DSR , we consider the transaction processing and contracting contexts that match those requirements in permissioned blockchains. The blockchains discussed in this paper would typically be business-to-business or business-to-consumer, private or semi-private, and residing in either a private, semi-private, or public cloud. Those blockchains will each have their own design and operational procedures, including validation procedures the miners.

Blockchain Enabled Privacy Audit Logs

Blockchain technology is coming to eForms in which will enhance its data integrity and security. With this update, eForms becomes a truly immutable digital ledger so changing a form's values of layout can never alter previous entries. Blockchain systems add integrity and transparency that well suited for the high standards of regulatory policies. Does e Forms Have Audit trails? With Blockchain technology, the system is the audit trail when combined with a Public Blockchain like Ethereum or a Private Blockchain like Multichain. Every inserted automatic or form entry gets saved as a new immutable record! With eForms Lightning, Digital Assets can have information recorded against the item.

Blockchain audit trails

When you think about it, currently this involves a labor-intensive combination of paper and networks. But initial trials with private blockchains in the last couple of years have shown there is potential to reduce the identification process of a data trail from several days to minutes. Indications that this is becoming a hot issue amongst startups arrives today in two pieces of news.

Creating an immutable audit trail on the blockchain with Xero & Tierion

RELATED VIDEO: Understanding Blockchain - For Internal Auditors

Are blockchain and distributed ledger technology the same? This is a common misconception that many people have. We are living in a digital age of sound bites and buzzwords. An age where even complex technological solutions are reduced to five words or less. As a result, we are witnessing a rise in cunning businesses attempting to piggyback the so-called crypto boom.

Verify E-signatures in a Snap with Audit Trails

Welcome to ComplianceWeek. This site uses cookies. Read our policy. Blockchain is evolving rapidly from enigma to imperative in financial reporting circles, and one audit firm has even introduced an early audit approach. The blockchain validation software that PwC says it is now deploying in a limited number of use cases provides real-time testing for anomalies covering a full population of transactions. The firm says it will find longer-term patterns of indicators that are not evident to humans, is immediate and predictive, and provides objective results. Michael Smith, internal technology audit services leader at PwC, says the solution is operating now in a large, financial services setting, and a number of other projects are in the pipeline.

A Blockchain-Based Audit Trail Mechanism: Design and Implementation

The blockchain BC is rising to prominence for immutable data services. One area where it is obvious that this distributed ledger technology will have deep business impact, if it succeeds, is financial auditing. The BC is in its infancy and, much like the internet was in its early stages, it is still unknown to many non-experts.