Two Faculties at NMIMS Chandigarh SOC Awarded International Patent On Blockchain-based Technology

By 121 News

Chandigarh, April 17, 2024:- In a historic milestone, Dr. Hemant Bhanawat and Dr. Deepa Guleria, both Assistant Professors at NMIMS Chandigarh School of Commerce, were recently jointly awarded a patent titled, "Blockchain-based System of Secure Transaction Protocol for Efficient Financial Auditing of Large Organisations" by the German Patent and Trademark Office. Their innovation relates to Financial Transaction Processing and Auditing. It pertains to the application of Blockchain technology in the auditing of financial transactions within large organisations.

 

The field of financial auditing within large organisations currently consists of methodologies that are primarily manual, time-consuming, and prone to errors. Traditional financial auditing systems are heavily reliant on centralised databases. They have significant limitations in terms of efficiency, transparency, and security. Moreover, the centralised nature makes these systems vulnerable to fraud and cyber-attacks, and their manual components introduce risks of human error and inefficiency. There is an urgent need for auditing systems that are not only capable of handling large volumes of transactions but also provide robust security features, real-time data processing, and transparent audit trails in light of heightened regulatory demands and the sophisticated nature of financial crimes today.

 

The advent of blockchain technology has introduced new possibilities for enhancing security, transparency, and efficiency in various fields, including finance. Initially popularised by its application in cryptocurrencies, blockchain's potential for broader financial applications, especially in auditing, is increasingly being recognised. However, the use of blockchain for auditing in a way that balances confidentiality with transparency remains largely unexplored and undeveloped.

 

The invention by Dr. Hemant Bhanawat and Dr. Deepa Guleria introduces a novel approach to financial auditing by employing a dual-layer blockchain architecture, encompassing both private and public blockchains, to enhance the security, transparency, and efficiency of financial transaction processing and auditing. The invention integrates advanced cryptographic techniques, smart contract automation, and user-friendly interfaces and also encompasses scalability and interoperability features, making it suitable for integration with a variety of existing financial systems and databases. The use of blockchain technology in this context represents a significant innovation in the fields of financial auditing, data integrity, and regulatory compliance, offering a robust solution for large organisations facing complex

auditing challenges in the digital age.

 

NMNIMS congratulates Dr. Bhanawat and Dr. Guleria on their stupendous achievement. Their innovation marks a significant development in the field of finance and business. It also asserts the School of Commerce's pursuit to promote innovation and critical thinking on its campus.