Enabling Financial Reports Transparency and Trustworthiness using Blockchain Technology
El Ioini N
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Financial report activity standardization becomes more essential in Financial Services and Technology, to facilitate the digitization of the process of communicating and acquiring business information. The eXtensible Business Reporting Language (XBRL) is one of the first steps towards this vision by providing a general digital format of financial reports with different rules and tags. Analyzing XBRL reports allow us to verify the quality and transparency of the data and well as have the full history of the stored transactions. Currently, checking and storing reports are independent for each organization and country, which is less transparent for the public and investors, who might be interested in checking company’s records before investing in them. In this paper, we propose a blockchain-based solution where all reports analysis activities and results are recorded into a shared ledger to guarantee their transparency and trustworthy. Specifically,we design and implement a prototype to evaluate and store financial statements using Ethereum blockchain following special metrics. Moreover, we examine different architectural decisions in terms of cost and performance and look at their advantages and disadvantages.
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D’Atri G; Le VT; Pahl C; El Ioini N (IARIA, 2019)The need to develop a system for dealing with the transparency analysis of financial reports has pushed companies to look for possible solutions to store their data in a reliable and trustworthy database, that enables all ...