Blockchain Solutions for Financial Data Integrity

Since the infamous financial scandals of the early 2000s, business regulatory agencies have established increasingly stringent regulations for public companies to follow. Controls over financial data have become imperative for companies to maintain. Current data management systems would greatly benefit from advances in blockchain technology, strengthening controls over data integrity and data availability. This paper proposes a blockchain-based framework to verify the integrity of financial information. This framework, Akeraiotita, leverages smart contracts in an Ethereum-based blockchain to confirm financial data have been unaltered; the framework allows companies to layer blockchain technology on top of their current data management systems. Two systems are proposed: the first, Eunomia, is for a company to use internally; the second, Eulabeia, is for companies to post transactions with third parties. The goals of this paper are to analyze how Akeraiotita would interact with a company’s current data management system, allow companies to post transactions to a global blockchain, and understand how the framework could address longstanding transactional security concerns