Government agencies have significantly developed

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Presentation transcript:

Applications of Blockchain to Government Open Checkbooks By Eid Alotaibi & Dr. Hussein Issa

Government agencies have significantly developed Introduction Government agencies have significantly developed High complexities in the financial transactions As well as systems relating to transactions This paper discusses how applications of blockchain with its smart-contract software to government open checkbooks can Provide stakeholders with a higher level of transparency Enable real-time auditing through the standardization of data formats Provide stakeholders with real-time audit evidences' access

Proposed Framework can Contribution Proposed Framework can Organize financial and nonfinancial data Format and standardize complex data Enable auditors to extract audit evidences from one source Applications of smart contracts in a blockchain can record, verify, and trace documents and provide better transparency Improve audit quality by Testing the whole population of transactions Reducing the risk of the recorded transactions details being changed fraudulently or by some error Enhancing audit efficiency Preserving trustworthy digital records In government audit, large and different financial and nonfinancial data, as well as unformatted and complicated data, are being extracted from multiple sources by auditors

Literature Review (Simoyama et., 2017) proposed blockchain system as a solution for corruption within the environment of Federal Court of Accounts of Brazil (TCU) High complexities in the financial transactions As well as systems relating to transactions A paper by (Lemieux, 2016) contributes an original analysis of the application of Blockchain technology for recordkeeping in the Honduras land registry system. Another study by (Dai & Vasarhelyi, 2017) provided an argument on how blockchain could qualify a real-time, verifiable, and transparent accounting ecosystem.

Current Process

Proposed Framework

Proposed Framework

Proposed Framework can Conclusion Applications of smart contracts in a blockchain can record, verify, and trace documents and provide better transparency Proposed Framework can Organize financial and nonfinancial data Format and standardize complicated data Enable auditors to extract audit evidences from one source Next steps: Build (or acquire) a payment blockchain Test the ability of this technology to enable real-time auditing

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