Moore Cayman launches blockchain audit verification service
Accountancy firm Moore Cayman, which specialises in providing audit services to investment funds and the digital asset industry including nearly 200 cryptocurrency-focused funds, has launched the first verification service for its audit clients through a public blockchain.
The service allows recipients of audited financial statements to independently verify they are valid original copies signed by Moore Cayman via a decentralised blockchain application.
Sixteen of Moore Cayman’s clients have already signed up for the complementary service, including BR CAPITAL, Gluwa Capital, Lantern Ventures, Lima Capital LLC, Nalu Capital, Satoshi Holdings and Warp Capital which manage digital asset funds.
As part of the new service Moore Cayman will record a secure hash algorithm of the audited financial statements of clients that use this service to a public blockchain – the Waves blockchain. All recipients of the audit documents can then use a free privacy-preserving application to automatically check if their copy matches. This can be done in a few easy steps using a decentralised document verification application, which will prove whether the audit documents are original and signed by Moore Cayman.
The real-time verification process avoids any need for time-consuming and costly manual checks or reliance on a third-party providing copies of audited financial statements; all recipients can instantly verify the authenticity of the documents for themselves through a single transparent public record on a secure blockchain. Throughout the process no confidential information is revealed because only the privacy preserving ‘fingerprint’ or hash of financial statements signed by Moore Cayman is appended to the public blockchain.
Critically it will also be possible to check that audited financial statements have not been revoked, which adds additional real-time insight to the user.
David Walker, managing partner of Moore Cayman, says: “As we serve a large and growing number of clients investing in, or developing digital assets, including cryptoassets and various types of blockchain technology, we want our own auditing service to take advantage of the single source of real-time verification that blockchain technology can deliver.
“A significant number of our clients have already signed up to use this innovative and complementary service, which is not currently offered by our competitors, and as we approach 200 clients in the digital asset space, we feel this is a natural extension of our service in offering to sign not only with a physical signature but from an identifiable and declared blockchain address. We are believe there will be increased interest in such services going forward.”