Backdating rules

20 Jun

Smart contracts can securely operate on a blockchain; any party can perform verification of transactions in compliance with the embedded rules.The transparency of blockchain will make it easy for forensic accountants to access and examine the material related-party transactions (Dai and Vasarhelyi 2017).Furthermore, the risk of receiving checks without sufficient funds could be avoided.Therefore, blockchains not only increase the chance of detecting fraud, but also pressure management to reduce earnings manipulation.Smart contracts encoded with accounting and business rules could also provide efficient controls of business processes in order to prevent fraud.

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issued by the Association of Certified Fraud Examiners (ACFE) ( the total loss caused by fraud events in 2016 exceeded .3 billion, with an estimated 5% loss of annual revenues in a typical organization.

The first generation of blockchain was a public ledger that securely recorded the trading of bitcoin in the form of a chain of interlocked blocks (Satoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,” October 2008, Z).

The shows the general process of sending money to another party in a blockchain.

Furthermore, blockchain could be used to prevent and detect fraudulent transactions.

Because blockchain keeps the record of an asset transfer, any type of misappropriation can be detected by tracing through the blockchain.

Any party can participate in trading and contribute to the verification of transactions based on pre-encoded rules; the validated transactions are then posted on the blockchain ledger.

Once a transaction is posted and confirmed, the entries related to it will be cryptographically sealed and shared with the entire chain.