The question: Refer to the above paragraph, state HOW DOES THE ISSUES BEING RESOLVED BY THE RESPONSIBLE BODIES?

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Other controversial issues with regards to blockchain is it is slow and cumbersome. This is mainly due to blockchain is complex, encrypted and is distributed widely which make it very much slower and cumbersome as compared to traditional systems. It consumes some time to process transactions. For instance, when the user network upsurge, transitions usually take much lengthier to process. It might take few days to process the entire transactions. This will result in higher transaction costs than traditional method. If the audit firm use this technology to audit auditees it might take some time to process and received the information from the system. Moreover, another controversial issue includes the lack of privacy and security in this technology. This is because of many possible blockchain uses necessitate those smart transactions and contracts be irrefutably connected to identified identities, which raises serious concerns about the privacy and data security kept and available on the shared ledger. Basically, corporations work well with private and confidential rules established by regulation in which they trusted them with sensitive information of their companies. When sensitive information is all stored in public ledger it would not be private any longer. The unknown users of blockchain technology also raises potential for unlawful transactions and criminal activities to take place such as money laundering and tax evasion. Other than that, security of information is also at risk even though it is much more secured as compared to traditional computer system. This is because there are still chances for hacker to steal information by hacking the system. Lastly, audit firm that use blockchain technology would encounter concern in which unable to verify the ssertion of financial statement. For instance, occurrence of a transaction could not be verified by the auditors. This is due to recording transaction in blockchain technology eventually provides appropriate audit evidence. Nevertheless, sometimes it did not offer adequate appropriate audit evidence which are connected to the transactions. For instance, transactions that are obtained from blockchain might be fraudulent transactions or might be transactions that are not approved by authorized official. Thus, blockchain technology do have a good part and bad part that need to take extra attention in order to successfully utilized it without having to face difficulties in near future. Other controversial issues with regards to blockchain is it is slow and cumbersome. This is mainly due to blockchain is complex, encrypted and is distributed widely which make it very much slower and cumbersome as compared to traditional systems. It consumes some time to process transactions. For instance, when the user network upsurge, transitions usually take much lengthier to process. It might take few days to process the entire transactions. This will result in higher transaction costs than traditional method. If the audit firm use this technology to audit auditees it might take some time to process and received the information from the system. Moreover, another controversial issue includes the lack of privacy and security in this technology. This is because of many possible blockchain uses necessitate those smart transactions and contracts be irrefutably connected to identified identities, which raises serious concerns about the privacy and data security kept and available on the shared ledger. Basically, corporations work well with private and confidential rules established by regulation in which they trusted them with sensitive information of their companies. When sensitive information is all stored in public ledger it would not be private any longer. The unknown users of blockchain technology also raises potential for unlawful transactions and criminal activities to take place such as money laundering and tax evasion. Other than that, security of information is also at risk even though it is much more secured as compared to traditional computer system. This is because there are still chances for hacker to steal information by hacking the system. Lastly, audit firm that use blockchain technology would encounter concern in which unable to verify the ssertion of financial statement. For instance, occurrence of a transaction could not be verified by the auditors. This is due to recording transaction in blockchain technology eventually provides appropriate audit evidence. Nevertheless, sometimes it did not offer adequate appropriate audit evidence which are connected to the transactions. For instance, transactions that are obtained from blockchain might be fraudulent transactions or might be transactions that are not approved by authorized official. Thus, blockchain technology do have a good part and bad part that need to take extra attention in order to successfully utilized it without having to face difficulties in near future.

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