Companies and individuals involved in the audit process understand that a prerequisite is establishing a level of confidence in the auditee. Do they have sufficiently rigorous procedures in place? How vulnerable are they to accidental or malicious data changes? Can their data be trusted?
Leading-edge companies have found that blockchain can be used as a foundational technology, creating unalterable histories of data across business functions.
LIRAX blockchain technology for audits provides a mathematically-provable audit trail of any piece of data at any particular point in time. For many enterprises, this audit trail has become an infallible method for making audits faster and less costly overall.
Unlike other blockchain solutions, trust of the entity that is producing the data is not required, since ledger creates provable records of data content.
In contrast to public blockchains, ledger’s technology does not require the sharing of data with the rest of the network to create an unalterable audit trail. What’s more, ledger technology is easily incorporated into an existing data environment, via its open-standards API.