Sweetbridge is a Blockchain-based platform that is offering an economic framework for managing logistics and supply chain accounting. The technology is poised to offer automation services for eliminating fraud in order to provide transparent data in the industry.
According to the CEO and Founder of Sweetbridge, Scott Nelson, the platform is built with an aim of automating corporate audit for not only financial auditing but anything else that has to be verified in the accounting field.
Achieving High-Quality Accounting On Blockchain
To achieve its mission, this Blockchain technology will facilitate synchronized accounting that is a form of triple entry accounting.
Sweetbridge Distributed Ledger Services will automate a set of audit and accounting controls that are essential in corporate accounting. This would be achieved through hashes that all peers on the platform would be required to verify on the ecosystem to achieve platform consensus.
Accountancy Firms Are Already On Board
Sweetbridge technology is already signing off its technology to other accounting firms according to Nelson. Although he is hesitant to disclose further information because of the need to uphold business discretion, he paints a picture of a bright future in the accounting field.
The technology is gaining traction as most accountancy firms will be able to revolutionize accountancy tremendously. For instance, the system would be able to cut off 8,000 employees in London alone. However, to avoid impacting the professional negatively, the system might require more auditors to be employed to serve in a different capacity.
Offering Trustworthy Auditing
The Sweetbridge Blockchain system will offer ideal auditing services as the ecosystem will be made of potentially hundreds of auditors on the platform. The peers will audit the different classes of transactions and all counterparties will be audited too. This would then support one-off real-time transactions that will make the auditing results more trustworthy set of financial institutions.
The multi-level auditing on the Blockchain platform would prevent fraud scandals such as the infamous Patisserie Valerie. This would completely change the nature of the accounting industry.
The Problem Of Accounting Fraud Is A Serious Issue
Reducing the traditional role of human participation in the auditing process is vital in the quest for fighting accounting fraud.
Nelson reveals that adoption of DLT technology in auditing processes yields perfect results that are consistent across the board with better results in industrialized regions like North America and the EU where data recording is advanced.
Introducing Forward-Looking Audit Concept
The forward-looking audit is a new concept that Sweetbridge is introducing. This means that auditing is done to the processes that create the transactions and not the transactions themselves to sanitize the data results. Nelson adds that all that an auditor has to do is to prove that successful validation has been performed at the initial point of data entry on the DLT.
DLT Automation Is The Future Of The Accounting Industry
With the adoption of Blockchain technology, the accounting industry is set to change in colossal proportions. This will lower the costs of auditing processes and encourage the growth of the industry as more prospective clients will have faith in the end-results.