Framework for Financial Auditing Process Through Blockchain Technology, using Identity Based Cryptography

Anwar, Shaista; Shukla, Vinod Kumar; Rao, Sindhu Suresh; Sharma, Bhoopesh Kumar; Sharma, Purushottam

doi:10.1109/itt48889.2019.9075120

Cited by 19 publications

(4 citation statements)

References 4 publications

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“…As explained before, all the transactions are tracked and verified directly by the technology when a new block is added, and no information is deleted; blocks are immutable. Many audit checks and security operations are unnecessary, so the process is smarter and faster (Ming and Rui, 2017; Anwar et al , 2019). Data is chronologically stored so that it can also be tracked continuously and in a timely manner, and the efficiency of financial audit work can be improved.…”

Section: Resultsmentioning

confidence: 99%

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Blockchain technology design in accounting: Game changer to tackle fraud or technological fairy tale?

Centobelli

Cerchione

Vecchio

et al. 2021

AAAJ

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PurposeThis paper aims to design, build and evaluate a blockchain platform in the accounting domain, taking an ecosystem perspective. To achieve this aim, the research provides evidence for developing a decentralised architecture rooted on blockchain technology, designing a proof of concept and modelling an accounting blockchain-based system.Design/methodology/approachMoving from the analysis of previous literature and leveraging on the design science approach, this paper provides a framework grounded on the main pillars of blockchain and accounting functions, identifying technical and non-technical issues that must be addressed embrace blockchain technology's full potential.FindingsWe propose and discuss a conceptual framework for a blockchain-based accounting context, moving from the identification of a typical accounting scenario. The framework is organised around three scalable levels: the first level is a technological infrastructure based on a distributed database with peer-to-peer storage; second, in the intermediate level, increasing control levels are assured through permissions and validation and third, in the higher level, the system provides the integration of business and security applications. The deployment of this system relies on a private network of nodes that validates transactions.Practical implicationsThe proposed conceptual framework about blockchain development in accounting allows closing the knowledge gap between blockchain developers and accounting experts by suggesting technological and strategic issues for practitioners.Originality/valueWe provide practical guidelines to design and adopt blockchain in the accounting domain.

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Section: Resultsmentioning

confidence: 99%

“…Data is chronologically stored so that it can also be tracked continuously and in a timely manner, and the efficiency of financial audit work can be improved. The ledger decentralisation and distribution allow achieving a reduction of the storage cost of financial audit data (Ming and Rui, 2017; Anwar et al , 2019).…”

Section: Resultsmentioning

confidence: 99%

Blockchain technology design in accounting: Game changer to tackle fraud or technological fairy tale?

Centobelli

Cerchione

Vecchio

et al. 2021

AAAJ

View full text Add to dashboard Cite

show abstract

“…Novikova and Kotenko (2014) demonstrated the use of tools for financial transactions via mobile, which may be exposed to possible fraud, highlighting different perspectives of financial fraud on mobile devices. Anwar et al (2019) reviewed the literature on the use of blockchain in economic environments, exploring common characteristics of financial transaction processes that may indicate possible fraud, proposing a framework for the use and subsequent validation. Relatively recently, Thi et al (2020) explored methods of detecting financial fraud on social networks, presenting the state‐of‐the‐art.…”

Section: Anti‐money Laundering and Financial Fraud Detectionmentioning

confidence: 99%

Anti‐money laundering and financial fraud detection: A systematic literature review

Goecks

Korzenowski

Neto

et al. 2022

Intell Sys Acc Fin Mgmt

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Money laundering has affected the global economy for many years, and there are several methods of solving it presented in the literature. However, when tackling money laundering and financial fraud together there are few methods for solving them. Thus, this study aims to identify methods for anti‐money laundering (AML) and financial fraud detection (FFD). A systematic literature review was performed for analysis and research of the methods used, utilizing the SCOPUS and Web of Science databases. Of the 48 articles that aligned with the research theme, 20 used quantitative methods for AML and FFD solution, 13 were literature reviews, 7 used qualitative methods, and 8 used mixed methods. This study contributes by presenting a systematic literature review that fills two research gaps: lack of studies on AML and FFD, and the methods used to solve them. This will assist researchers in identifying gaps and related research.

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“…Due to the properties of decentralization, tamper-resistance, and traceability, blockchain is considered as an alternative option for setting up a trustful platform without a trusted third party. In recent years, it has been widely used in diverse industrial areas, including finance [11,12], artificial intelligence [13,14], health care [15,16], and Internet of Things (IoT) [17][18][19]. Obviously, it is feasible to utilize blockchain technology into the smart grid system to address the above-mentioned weaknesses.…”

Section: Introductionmentioning

confidence: 99%

Multiauthority Traceable Ring Signature Scheme for Smart Grid Based on Blockchain

Tang

Pang

Cheng

et al. 2021

Wireless Communications and Mobile Computing

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As the next-generation power grid system, the smart grid can realize the balance of supply and demand and help in communication security and privacy protection. However, real-time power consumption data collection might expose the users’ privacy information, such as their living habits and economic conditions. In addition, during the process of data transmission, it may lead to data inconsistency between the user side and the storage side. Blockchain provides tamper-resistant and traceable characteristics for solving these problems, and ring signature schemes provide an anonymous authentication mechanism. Therefore, in this work, we consider the applications of ring signature scheme in smart grid based on blockchain. We introduce the notion of multi-authority traceable ring signature (MA-TRS) scheme for distributed setting. In our scheme, there is an auditing node that can distinguish the identity of the real signer from the ring without any secret information. Last but not least, we prove that the proposed scheme is unforgeable, anonymous, and traceable.

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Framework for Financial Auditing Process Through Blockchain Technology, using Identity Based Cryptography

Cited by 19 publications

References 4 publications

Blockchain technology design in accounting: Game changer to tackle fraud or technological fairy tale?

Blockchain technology design in accounting: Game changer to tackle fraud or technological fairy tale?

Anti‐money laundering and financial fraud detection: A systematic literature review

Multiauthority Traceable Ring Signature Scheme for Smart Grid Based on Blockchain

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