IMMUTABLE AUDIT TRAIL
Immutable Audit Trail
As part of the cybersecurity and risk Management of software solutions, one of the most basic needs is maintaining the "audit trail" of each and every transaction that happens in the software. Most software solutions that have an audit trail facility store the trail in relational databases - which can easily be altered, leading to lack of trust in the process.
Due to this companies have to maintain manual/printed records and there is a pertinent need of third party auditors that have to physically audit transactions of a business - resulting in an inefficient, time consuming and expensive exercise.
Storing the audit trail of transactions on a blockchain gives "timestamp" proof of what happened, when and how. This makes sure that the history of transactions is available on an immutable ledger which if required can be fetched at any point in time for the purpose of audit.
At Somish, we established a Blockchain Centre of Excellence in 2016. Our team has continuously focused on using Blockchain to tackle key challenges of industries like BFSI, Agriculture, Aviation and Governments. Some of our other key Blockchain projects have been highlighted below.
P2P Insurance Mutual
Bringing back insurance in a very cost efficient way by allowing individuals to form groups that can share risk at affordable costs.
Single Version of Truth for OEM, MRO, Aircraft, Airline & Aviation Authorities efficiently reducing operating costs & layover times.
Public Distribution System with assured and accurate end utilization enabling transparency, Traceability & Standardization.
Crisis Fund Distribution
A global common ledger for raising, allocating & distributing aid, donations and grants during times of crisis.
P2P Energy Trading
Blockchain platform for P2P energy trading with turing complete solar panel meters and bidding system.
A DLT solution for Banks, Manufacturers and their Vendors to majorly reduce processing timeframes.
Immutable Audit Trail
A DLT solution for moving ahead of RDMBS implementations to store Audit Trail data on an immutable, trusted ledger.
Tokenized Fund Transfer
Domestic Fund Transfer on Blockchain for emerging markets to tackle Financial Inclusion without last-mile bank branches.
A DLT solution for bank reconciliation eliminating an age-long problem of different statement formats of different banks.