Blockchain Technology Could Put Bank Auditors Out of Work
When most people think about computers and robots taking jobs away from humans, the images that usually come to mind are robots moving inventory around in an Amazon warehouse or McDonald’s customers placing their order via a tablet instead of a cashier. But the robots are coming for much more sophisticated jobs as well. For example, blockchain technology....
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Sberbank, the biggest bank in Russia might adopt blockchain technology in the future. The bank plans to join the international consortium R3 and develop blockchain based services. However, as in the case of other international big banks, it doesn't plan to use Bitcoin. “We cooperate with the consortium very closely and watch the direction of blockchain technology. We are studying the documentation and I can't rule out that we will enter. though there's no final decision yet,” said Lev Khasis, the bank’s deputy chairman for Russian daily Kommersant. According to L. Khasis, although....
PRESS RELEASE. The world of audit has always had an inherent problem, the conflict of interest that comes from paying for audit services. Auditors are meant to be independent of their clients, but how can you be independent when you are auditing your employer? With countless instances of paid auditors issuing fraudulent attestations to keep their clients happy – say, Enron, WorldCom, and Tyco, to name just a few – the world is finally waking up to the need for alternative decentralized and independent solutions. That’s why we’re enormously excited to be hosting....
Authorities in Kazakhstan have found several businesses minting digital currencies that took advantage of tax cuts they were allegedly not supposed to benefit from. Auditors said the crypto firms registered as “innovative companies,” to receive millions of dollars in tax preferences. 5 Mining Entities in Kazakhstan Get $18 Million in Tax Exemptions Auditors in Kazakhstan have identified crypto mining enterprises that were able to enjoy tax benefits normally offered to businesses engaged in innovations development. According to a representative of the country’s....
The demand for blockchain security experts comes amid a rise in crypto hackings in 2022. The rise of crypto hacks over 2022 has skyrocketed demand for blockchain security experts, with some auditors making upwards of $430,000 per year.Speaking with Cointelegraph, blockchain recruitment firm CryptoRecruit founder Neil Dundon said that while security audit services have long been in demand, the rise of decentralized-finance (DeFi) protocols has opened up opportunities for auditors to review potentially vulnerable smart contracts:“There’s always been a demand for security auditors [...] But....
Despite the perceived hostility towards Bitcoin in Russia, the country’s central bank has just announced that it has officially established a new “work group” to study the digital currency’s underlying blockchain technology and its potential application in financial markets. In a press release issued by the Bank of Russia on February 28, the country’s....