Blockchain is a ledger can be written onto with new information, but the
previous information, stored in blocks, cannot be edited, adjusted or changed.
Blockchains are based on a consensus-driven mechanism, with mathematical proof
and decentralized databases is a solution to the above issues. The features of
the Blockchain are its game changing technology. Any digital form of asset certification,
recording, registration, storage, trading, payment, circulation can be achieved through
the Blockchain. The main advantage of the Blockchain is that it requires no intermediary
participation, the process is efficient and transparent, the cost is low, and the data
is highly secure.
Auditors generally use confirmations as the substantive procedure
during an audit. This process involves obtaining and evaluating a direct
communication from a third party in response to a request for
information about a particular item affecting financial statement
assertions. the current audit confirmation process is slow
and resource intensive, only a small sample of transactions are audited,
there is a high degree of errors and overall still prone to fraud. With
Ledgerium capturing every transaction and writing it onto the
blockchain and the use of smart contracts to acknowledge and confirm
that the transaction has occurred, significant time and cost savings can be achieved.
Security and Privacy are major concerns for all networked systems. As
such, two key critical components in the ecosystem will address this concern;
Identity Platform (LIP): allows users, including individuals,
companies, accountants, institutions and governments to register to the
Ledgerium network, having authenticated accesses through our website or mobile application.
File System (LFS): based on IPFS’ distributed file system to
provide secure, efficient file store to users across Ledgerium.