Blockchain
Auditchain Expands Footprint in $600 Billion Global Accounting, Financial Reporting and Audit Services Market With Acquisition of Areport
Auditchain Labs AG, the developer of the world’s first decentralized accounting, financial reporting, audit, and analysis protocol for assurance and disclosure, announced today that it has acquired Areport, a platform for creating XBRL-based (eXtensible Business Reporting Language) models, taxonomies and reports. The acquisition substantially widens the footprint and capabilities on the Auditchain Protocol for financial reporting by reporting entities.
It is estimated that the acquisition of Areport will substantially increase the AUDT token utility on the Auditchain Protocol. Areport will provide a suite of tools that enable enterprise users on the Auditchain Protocol to create control sets, reporting taxonomies and XBRL-based financial reports using the ISO Standard Data Point Model (DPM). DPM is a reporting model tailored to the requirements of the European Banking Authority and other regulatory authorities.
Fuad Begic, founder and developer of Areport will join Auditchain Labs as lead engineer to continue expanding the development of the Areport suite. Fuad stated: “I am really excited about the combination of Areport and Auditchain and to be a part of the effort to help build Auditchain into a complete decentralized expert network and to be working alongside experts like Charlie Hoffman“.
Areport will add substantial additional functionality for Process Control NFT creation by reporting entities. With Areport, each reporting entity will now be able to compose, originate and extend unique sets of Process Control NFTs representing machine-readable and searchable financial models, Process Control sets and reporting taxonomies using the XBRL global standard syntax.
The Areport acquisition provides more tools for reporting entities and complements and extends the Auditchain Protocol with the current capability to validate and enable audit of XBRL-based financial reports created within the Areport suite using Pacioli, the logic and reasoning engine at the heart of the Auditchain Protocol for financial statement and Process Control NFT validation.
In most jurisdictions globally, reporting entities are required to formally submit information to regulators about their financial performance, compliance, and/or exposure to risk. In recent years, traditional paper and PDF documents are being augmented or replaced with structured, machine-readable reporting. XBRL is a widely accepted global standard syntax for reporting machine-readable financial and business information.
Charles Hoffman, CPA and product manager stated, “Areport creates a suite of product offerings on the Auditchain Protocol that perfect and augment XBRL-based reporting to large regulators like ESMA and the SEC. We want to bring these modern reporting approaches to issuers of digital assets and traditional enterprises by creating easy-to-use, inexpensive, and high-quality reporting solutions using standards-based, best-practice methods such as DPM and the Standard Business Report Model adopted by OMG”.
Areport will be integrated into the Pacioli Logic Engine via API library by 8 June for the official launch of the Auditchain Protocol which will take place LIVE at the Digital Accountancy Show – Powered by Auditchain at Tottenham Hotspur Stadium in London.
Auditchain is in the process of becoming a member of the industry standards consortium XBRL International, which created XBRL over 20 years ago with the American Institute of Certified Public Accountants. There are over 180 XBRL projects in 60 countries. Prominent examples include the Dutch Waterboard, the U.S. Securities and Exchange Commission (SEC), the U.S. Federal Deposit Insurance Corporation (FDIC), the U.S. Federal Energy Regulatory Commission, the European Single Market Authority (ESMA), and the Australian Prudential Regulation Authority.
Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
-
Blockchain6 days ago
Pelican AI and Christie Capital Announce Launch of Brokered Financing
-
Blockchain Press Releases5 days agoBybit: A Global Favorite Among Full-Time and Professional Traders and the World’s Second-most popular Crypto Exchange
-
Blockchain5 days ago
Sportsbet.io Becomes New Title Partner of Snooker’s Players Championship, Tour Championship and Champion of Champions
-
Blockchain Press Releases5 days agoThe Moskowitz Law Firm, PLLC Announces Preliminary Approval of a Proposed Class Action Settlement on Behalf of Purchasers of Astrals Non-Fungible Tokens and Galaxy Tokens
-
Blockchain Press Releases7 days agoBybit & SignalPlus Unveil the 100,000 USDC Global Trading Showdown
-
Blockchain Press Releases6 days ago
Bybit Pledges RMB 5 Million to Support Relief Efforts Following Devastating Tibet Earthquake
-
Blockchain6 days agoBybit and Block Scholes Report: ETH Poised for a Rebound
-
Blockchain5 days agoFast, Secure, and Seamless: Bybit Card QR Pay Set to Transform Payments in Brazil
