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CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

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Editor's Pick (1 - 4 of 8)
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Last infrastructure environment - High Performance Computing

Last infrastructure environment - High Performance Computing
Bruce Decock, CIO & VP, LSI

Automate Or Get Left Behind Advancing The Audit Function Forward

Automate Or Get Left Behind Advancing The Audit Function Forward
Lesley W. Beasley Jr., IT Audit Director, International Paper

Technology Risk Assessment, not just for the Audit Department

Technology Risk Assessment, not just for the Audit Department
Timothy M. Grace, Director of Technology Risk Advisory Services, Mueller Prost

IT Auditing

IT Auditing
Dr. Michael C. Redmond, PhD, Director External Consulting and Audit, EFPR Group

Active Voice vs. Passive Voice

Active Voice vs. Passive Voice
Cris Luchsinger | ED | Enterprise Compliance & Operational Risk Testing, USAA

Smoothing the Audit Trail

Smoothing the Audit Trail
Rose Rosenfeld, Chief Financial Officer, ODA Primary Health Care Network

Descending from the Clouds into the Fog

Descending from the Clouds into the Fog
Brian Kelley, CTO, Ohio Turnpike and Infrastructure Commission

Embracing the Power of Data

Embracing the Power of Data
Jawad Khan, Director, Data Services & Knowledge Management Information Services Division, Rush University Medical Center

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The Potential Of Blockchain Technology In Freight Auditing

By CIO Applications| Tuesday, October 08, 2019
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Blockchain TechnologyThe logistics industry is almost a stranger to block­chain technology when compared to most other sectors. Despite the obscurity sur­rounding the new technology, it is steadily permeating every industry, including banking, finance, and real estate. Its most popular applications have been in the field of crypto­currency. However, various other sectors are realizing its potential in securely managing data. The distrib­uted ledger technology of blockchain offers robust possibilities for the logistics sector, especially in the freight auditing process.

Blockchain has no centralized database, and digital signatures secure the authenticity of every transaction. The decentralized nodes in the blockchain network authorize the transactions after confirming the balance of the sender. It leverages public key cryptography to manage and verify the identities. The transaction details are embedded in digital code and stored in transparent, shared databases. The information is immune to deletion, tampering, and revision, and every transaction has a digital record and signature that has to be identified, validated, stored, and shared.

See more: Top Blockchain Solution Companies

Since it is inherently resistant to the modification of stored data, its applications in the auditing process look promising. The shared ledgers can serve as transparent platforms to record the transactions between two parties in a verifiable manner. It can serve as a source for verifying past transactions. It eliminates the need for clients to procure bank statements or leverage third-party confirmations. Auditors can seamlessly verify the transactions on public ledgers, completing the process quickly and cost-effectively.

The transactions conducted using blockchain take considerably less time when compared to the conventional approaches. A low-value transaction might take up to ten minutes to be validated, and a high-value transaction might take an hour at most. In comparison, the traditional methods of transactions might take up an entire month to be cleared. The real-time verification function facilitated by blockchain technology will also enable audit firms to perform continuous assessment throughout the audit period, instead of conducting year-end assessments.

The development of blockchain technology in the freight auditing sector might also lead to an automated auditing process, streamlining the assessment of various financial statement assertions such as existence, occurrence, and accuracy of information. It will also enable the logistics sector to overcome the transparency challenges, which often hinder client trust. It will allow the organizations to take full control of their process while also ensuring the enhanced customer experience.

Check This Out: Top Audit Management Consulting Companies

                            Top Freight Audit and Payment Technology Companies

 

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