Immutable Audit Trail

Learn how blockchain is used for creating immutable audit trail of transactions.Timestamping Proof of what, when and how. History of transactions on an immutable ledger.

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.

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