The project is intended to enhance the utility and trust of permissioned blockchain system with the help of professional audit and assurance standards in order to examine blockchain applications as well as protocols, the release stated for EconoTimes.
In order to understand the potentials, options, and challenges for this project, the team applied already existing guidance from the attestation standards to permissioned blockchain application. The Deloitte team also built certain procedures specific to the nuances of blockchain product. These could help blockchain principals, auditors, preparers and users of financial statements.
The accounting company has tapped the experience within its multidisciplinary business model to collaborate across its audit, technology, and blockchain groups to pull together the experience needed to apply the lens of assurance on blockchain-based applications. Furthermore, they have selected an internally developed loyalty points blockchain application built by Rubix Deloitte. This was developed on a permissioned Ethereum network as a test case.
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