Home // International Journal On Advances in Security, volume 12, numbers 3 and 4, 2019 // View article

Enabling Financial Reports Transparency and Trustworthiness using Blockchain Technology

Authors:
Van Thanh Le
Claus Pahl
Nabil El Ioini
Gianfranco D'Atri

Keywords: Blockchain; XBRL; Financial Reports; DLV; ASP; On-Chain Computation.

Abstract:
Financial report activity standardization becomes more essential in Financial Services and Technology, to facilitate the digitization of the process of communicating and acquiring business information. The eXtensible Business Reporting Language (XBRL) is one of the first steps towards this vision by providing a general digital format of financial reports with different rules and tags. Analyzing XBRL reports allow us to verify the quality and transparency of the data and well as have the full history of the stored transactions. Currently, checking and storing reports are independent for each organization and country, which is less transparent for the public and investors, who might be interested in checking company's records before investing in them. In this paper, we propose a blockchain-based solution where all reports analysis activities and results are recorded into a shared ledger to guarantee their transparency and trustworthy. Specifically, we design and implement a prototype to evaluate and store financial statements using Ethereum blockchain following special metrics. Moreover, we examine different architectural decisions in terms of cost and performance and look at their advantages and disadvantages.

Pages: 236 to 247

Copyright: Copyright (c) to authors, 2019. Used with permission.

Publication date: December 30, 2019

Published in: journal

ISSN: 1942-2636