Forensic Accounting 2.0

Using Blockchain Enable IoT Sensors to ensure total transparency & compliance.

General Overview

Various industries utilize asset tags to identify assets for purchasing, cost accounting and book-keeping purposes. These tags are typically constructed of metal, plastic, or some form of adhesive sticker. These tags generally contain an asset number that is visible, and sometimes other descriptive information that can be viewed. These numbers generally correspond to asset numbers and ledger entries within an accounting system, which serve as a foundation data element for tracking various business metrics related to the asset. These tags represent a foundation element within the accounting system, upon which the
accuracy and reliability of the accounting system is based.

The Problem

Ordinary tags do not contribute to strong data security or provide a robust means of preventing or detecting fraud related to asset utilization or other asset data. Data collected from the asset tag and correlated to the asset and other asset metrics is subject to
manipulation and error, creating a significant risk of inaccurate accounting records related
to the asset performance. Further, data collected and correlated to the asset cannot be effectively or efficiently
audited to ensure asset performance is free of mis-statement. For example, ordinary asset tags do not provide a means to ensure that reported asset use is accurate, or even that the use correlates to the asset which has the tag. As a result, asset remaining life, and other accounting related metrics are subject to inaccuracies and manipulation.

The Solution

To improve upon the main deficiencies of existing asset tags, the need to physically access the tag, the insecure correlation of asset tag information with asset metrics, the lack of data source assurance, the inability to collect additional asset metrics at the source, the lack of historical asset information, etc. This invention reduces cost, improves accuracy, and creates a highly secure methodology for associating asset information and performance metrics with a particular asset. The invention provides the foundation for an extremely robust cost accounting and bookkeeping system, with intrinsic properties that will assist in the prevention and detection of fraud.

Patent Pending

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