Saturday, August 13, 2022
ED TIMES 1 MILLIONS VIEWS
HomeTechnologyBlockchain DAPPs – The Solution to Corporate Malfesance

Blockchain DAPPs – The Solution to Corporate Malfesance

-

Hong Kong – In addition to exacting heavy human and economic costs, the Covid-19 pandemic has also indirectly led to the uncovering of a spate of financial scandals and failures culminating in the dramatic demise of fabled marine fuel trader, Hin Leong Private Limited.

From the Enron Scandal of almost two decades ago to commodity giant, Noble Group’s collapse from a $12 Billion commodity trading firm to the failure of Agritrade International Private Limited, whose businesses span palm oil and coal mining, corporate malfeasance is nothing new in the world of finance and industry.

As fabled investor Warren Buffet once said, “It’s only when the tide goes out that you learn who’s been swimming naked”. What the Covid-19 pandemic essentially did was to hasten the collapse of firms whose business operations have long been untenable but was covered up by fraud and dubious bookkeeping.

This then brings us to the question of what safeguards are there for investors, shareholders, creditors and other stakeholders. There are corporate lawyers and bankers who would say that there are regulatory, legal and contractual safeguards in place and in all of the above-mentioned cases, the actions of the companies and their management were illegal, even criminal.

However, most if not all of the regulatory, legal and contractual safeguards in place only serve as deterrents for the most part. It does not actually prevent fraudulent accounting, misappropriation and other inappropriate actions from happening in the first place.

Thus, this is an area where blockchain technology whose inherent properties allow it to play an important role in preventing corporate malfeasance from happening in the first place. Blockchain’s distributed ledger as well as Smart Contract technology can ensure complete transparency, immutability as well as true independence and impartiality.

While the use of blockchain technology to prevent corporate malfeasance and safeguard investor capital is still not particularly widespread yet, it is gaining traction rather rapidly with companies coming up with innovative ways to achieve the above mentioned objectives.

One such company is Ascendancy Management Limited, which has successfully integrated Ethereum-based DAPPs and Smart Contracts into its digital assets trading operations to safeguard investors’ funds throughout the entire trading process.

Ascendancy Management Limited utilizes an Ethereum-based DAPPs to hold all its trading funds and all funds are disbursed in strict accordance to terms that have been laid out in Smart Contracts beforehand. This ensures that the funds are totally secure, accounting records cannot be manipulated or any monies misappropriated and records can be verified at any point in time via Etherscan.io, a platform that is completely independent of the company itself.

The innovative way in which Ascendancy Management Limited employs blockchain technology virtually eliminates all possibilities for human errors or institutional failures. This is a business model that shows great promise in enhancing corporate governance and oversight. While Ascendancy Management Limited is said to be one of the first companies to extensively utilize blockchain technology in such a manner, it certainly will not be the last.

Media contact

Company: Ascendancy Management Limited

Contact: Ms. Jenny Chua

Company: customerservice@ascendancy-email.com

Website: https://ascendancy-mgmt.com/index

 

 

(Syndicated content)

Brand Voice
Brand Voicehttps://edtimes.in/advertise-with-us/
Disclaimer on link above (bottom)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Must Read

Influencer With 4.4 M Followers Is Teaching Young Boys Violent Misogyny

Imagine somebody living in the 21st century and spewing hatred against one-half of humanity online, so much so that millions of followers start believing...
Subscribe to ED
  •  
  • Or, Like us on Facebook 

Subscribe to India’s fastest growing youth blog
to get smart and quirky posts right in your inbox!

Enter your email address:

Delivered by FeedBurner

Subscribe to India’s fastest growing youth blog
to get smart and quirky posts right in your inbox!

Enter your email address:

Delivered by FeedBurner