Artificial Intelligence and Blockchain

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Updated: Aug 21, 2023
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2019/01/11
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Words:  444
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Often referred to as a revolution for the law, “DAO” (Decentralised Autonomous Organisations), refers to the digital version of an agreement in which all rules and regulations are written in source code (Universa, 2017). DAOs operate through computer programs known as “smart contracts”. This can pose a significant challenge for auditors as DAO itself is not a legal entity; therefore, assets held under DAO should be carefully considered (Broby, 2017). Alongside this, there are other various aspects like the validation of blockchain timestamping and multi-location audit risk that need to be efficiently managed by auditors with appropriate skill sets (Broby, 2017).

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As the auditing world encounters a digital transformation, auditors are implementing digital tools like cognitive technology and intelligent automation, which provide the benefit of richer, more detailed audit evidence, along with enhanced transparency. As described by KPMG, cognitive systems convert human knowledge into machine-interpreted logic (KPMG, 2017). The automation of accounts and auditing will allow auditors to focus more on business analytics and provide professional judgement.

When you integrate blockchain, analytics, and artificial intelligence, you have the ability to uncover anomalies in real time (Jack Shaw, 2017). Artificial Intelligence and Blockchain are said to be two extreme sides of technology: while the former promotes decentralised applications in an open data environment, the latter fosters centralised intelligence on closed platforms. However, they are expected to find a way to work well together in the future (Corea, 2017).

Theoritical Framework

The TOE framework was developed in 1990 (Tornatzky, 1990). It primarily identifies three aspects of an enterprise in order to adapt and implement technological innovation: Technological Context, Organizational Context, and Environmental Context (Martins, n.d.). The Technological Context includes both external and internal technologies relevant to a firm (Tornatzky, 1990). The Organizational context includes the descriptive measures of a firm, such as scope, size, etc. (Tornatzky, 1990). The Environmental context is the arena within which a firm operates its business (Tornatzky, 1990).

Research Methodology

It is important to select an appropriate research method; therefore, I have selected the qualitative method for my research. Qualitative research is known to develop new theories as it is a type of research strategy that focuses more on words and fundamentals than on numbers and technical data (Bryman, 2011).

The plan will be to collect primary data in the form of interviews from KPMG and analyse the strategies that they want to formulate for auditing the blockchain technology. I will also discuss the future prospects of blockchain technology in auditing to fill the gap in the literature. Secondary data from Daniel and Greig, opinions of Big 4 and various other academic papers, will be extensively used for the purpose of my study in order to increase the credibility and authenticity of my research.

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Artificial Intelligence and Blockchain. (2019, Jan 11). Retrieved from https://papersowl.com/examples/artificial-intelligence-and-blockchain/