Enhancing Privacy through “Smart Contract” using Blockchain-based Dynamic Access Control

Abstract

Blockchain helps to deliver Computerized working, on spot verification, cost efficiency, enhanced work. One of the fast initiatives for the implementation of Blockchain is taken by financial sector. As more than 60% of the market percent of the market value focuses on new technology. In the coming time, blockchain will start into influence into many domain including accountancy on it auxiliaries. Smart contract can play a very important role in banking and insurance. This can be very vital tool for the auditing purpose, because all transactions can be updated without any third party interference. All the accounting standards can be evaluated through blockchain systems thus giving professional accountants such as Chartered Accountants and Certified Public Accountants to focus more on the company policies and how it can improve its operations ethically. To access any resource in blockchain network. This paper presents a framework which use Fair access using Dynamic Access control. All process of fair access is recorded in smart contract and token allocation can be done with the help of Digital Signature. This makes system more perfect. For the very purpose of Blockchain intervening into accounting policies is to ensure that auditors are working to the potential in terms of verifying the accounts and financial records in accordance to the International Accounting Standards. This step hopes to minimize minimal frauds that might happen in the workplaces which could halt to the end of the business life as the privacy of smart contract can be enhanced.