1 min pitch for what you are doing now?
Auditchain is preparing to launch the MVP of the DCARPETM Explorer reporting environment and will use it to live stream the reporting of its own financial statements and internal continuous audit analytics. This will show the world what layer 2 of the Decentralized Continuous Audit & Reporting ProtocolTM “DCARPETM “ looks, feels and functions like. All data will be actualized, be presented in near real-time and not fictitious.
How was the last year, what worked well, what didn’t move as quickly as you would have liked?
As everyone knows, last year capital was “pushing” its way into projects. This year credible projects must “pull” capital from more sophisticated and professional sources. Planning an ICO last year was easy. This year is far more distracting which makes traditional relationships and relationship building more important. Agile development techniques have streamlined development efforts this year. Spinning up a decentralized development community was challenging last year but has become easier this year as developers are taking their time examining projects that they believe are more sustainable. Lots of FOMO and confusion last year made it difficult to recruit whereas this year, we are finding that talent is cheaper and potential acquisitions are far more affordable. “Save when others are spending. Spend when others are failing” has always been the rule.
What are your plans for the future?
It has always been our long-term plans to build and partner; build and partner. In boxing, its “stick and move; stick and move”. Most of our team has 30 or so years of experience in finance, accounting, audit and cryptography. We have all believed that the world’s capital markets are not safe, the cost of capital is too high and onerous for small entrepreneurs, and there is no sufficient level of assurance. Building an assurance network of thousands of CPAs and Chartered Accountants that externally validate the financial health on a continuous and near real time basis requires hyper focus and that we are focused on.
What will you be talking about at this event? (brief taster)
For web3summit.com the panel topic is: “Blocked or Breakthrough? Future of the Enterprise & Blockchain”. Chris Danusiar will answer questions that arise and respond to panel member assertions on the fly. The panel pre-event questions sent to us are about the future impacts of blockchains on enterprises/firms, communities and their ability to rival enterprises, and how we want our children to think and work in this context. We will take the position that only public, decentralized blockchains will endure. Private and permission blockchains are ultimately too complex, costly, and slow compared to multi-user ledgers and databases. We will assure that the Open Source dominance of the software industry is an accurate foreshadowing of the power of crowd-sourcing/open-sourcing/public blockchain ecosystems – and the mainstream availability for industrial strength cloud computing from AWS, MS, and someday Google and IBM and others, will accelerate and enable the death of proprietary code for good.
For ScotChain18 we will be speaking on the nexus or convergence of key phenomenon that will forever change the legal, medical, consulting and auditing profession. We will touch on the productization of professional services as well as pervasive, secure, inexpensive cloud computing. We will stress that the state of assurance and auditing ‘independence’ and the quality of the work that the so called high performing, high integrity, and highly compensated auditors perform is unacceptable. The frequent discovery of massive fraud, the high costs of centralized assurance and the structural dependence auditors have on the clients is coming to an end. Our vision for a public blockchain powered, decentralized continuous audit and financial reporting infrastructure is key to making a safer, more transparent and future proof enterprise.
What inspired you to attend it?
We were asked to present due to who we are as a team and for the science we have proposed that will have a profound impact on accounting, audit and financial reporting. The #42WCARS is the most prestigious accounting, audit and reporting technology event in the world. It’s the “Woodstock” event for the profession. The Rutgers University CAR Lab is the world’s authority in the field of enterprise continuous audit, continuous monitoring and reporting. We didn’t pay and we weren’t inspired to solicit any of these event organizers to feature us. We are not sponsoring any of the events. Each of our team are well known in the domain we are addressing. #ScotChain18 is holding its third event and it is organized by former Big Four veterans who have known members of our team and are very familiar with each of their accomplishments for decades. Web3summit is a premier, global blockchain and crypto three day gathering where we will further unveil our vision and capabilities to the community, and seek partners and investment ahead of our Presale and TGE.
Which influencers and websites do you follow to keep up to date with the latest developments?
As a company, we follow the Rutgers CAR Lab and Dr. Miklos Vasarhelyi, the head of the lab along with his partner Michael Alles, each of whom are renowned experts in the field we address. In the work of Auditchain, we often refer to each of our own history of experience and influence in the space. Our own Chief Scientist, Dr. Stuart Haber has extensive and influential work in cryptographic time stamping, invented the first “chain of blocks” and is cited by Satoshi Nakamoto in references 3, 4 and 5 of the original Bitcoin Whitepaper. Our Director of Reporting Architecture, Eric Cohen co-founded the XBRL standard business reporting language that is used around the world for business, tax and financial reporting. Our CEO, Chris Danusiar built EY Canvas, the only truly global and digital assurance platform. Our founder, Jason Meyers, built the world’s first multi-jurisdictional equity compensation admin platform that automated the output of the former FAS123R and 409A accounting treatment for derivative securities and valuation, respectively. The influence of our team and our diverse accomplishments bring together the perfect ingredients to lead the world into the future of enterprise assurance and disclosure.
How can people find out more about what you are working on?
You can follow Auditchain’s activity and progress by visiting www.auditchain.com as well as www.dcarpe.org. All members of the accounting, audit and reporting supply chain are encouraged to join the DCARPETM Alliance and provide thought leadership as well as become a service provider and node operator on the Auditchain Network.
Anything else you’d like to add / we should have asked?
The DCARPETM Alliance is a nonprofit organization that is uniting the enterprise, accounting, audit, reporting and regulatory world in an effort to adopt the Decentralized Continuous Audit & Reporting ProtocolTM . One of its goals is to provide education and a knowledge base for the adoption and deployment of DCAPRETM as well as to carry its message of the benefits and protections of the Auditchain project. All forward thinking and innovative CPAs, financial reporting supply chain leaders, and technology innovators across the globe are encouraged to join us as members!