As claimed in the article named “Some Ideas on Applying ‘Blockchain’ Technology in Big Data”, the blockchain part of the stock market has grown 19.95% for eight straight days this year, displaying blockchain using opportunity. The technology is able to improve data storage, management, transmission and other work functions for data audits. The article suggests an overview about blockchain technology, stating that its features decentralized computing and time stamping services such as recognizing textual information based on time sequence and the constant data saving.
The current auditing data system reckons on centralized storage, according to the article. Accredited agencies gather the data to do their audits, then upload it to a data center. Although the method has a high level of security, it is determined to result in “infinite expansion” of data center hardware and software requirements. The 19th Party Congress stated the goals for using science and technology, including the integration of the Internet, big data and artificial intelligence. General Secretary Xi Jinping called for taking the initiative with using big data.
Nevertheless, in the audit area, big data apps stay in an environment in which data usage operations are cumbersome to administer, management is complex. On-site auditors, the article noted, are not convenient.
Blockchain based distributed accounting and keeping don`t demand centralized hardware or management organization, the article mentioned. Each agency can found data backup points, collect and manage data. The audit office data center will only store the timestamp the auditor uses and control the confidentiality, reliability and legality of the audit app.
The audits will be based on blockchain data structures that will keep and check up data, use consensus algorithms to create and update data, and involve encryption and decryption algorithms to secure data transmissions.