  Business transactions by public firms are required to be reported, verified,
and audited periodically, which is traditionally a labor-intensive and
time-consuming process. To streamline this procedure, we design FutureAB
(Future Auditing Blockchain) which aims to automate the reporting and auditing
process, thereby allowing auditors to focus on discretionary accounts to better
detect and prevent fraud. We demonstrate how distributed-ledger technologies
build investor trust and disrupt the auditing industry. Our multi-functional
design indicates that auditing firms can automate transaction verification
without the need for a trusted third party by collaborating and sharing their
information while preserving data privacy (commitment scheme) and security
(immutability). We also explore how smart contracts and wallets facilitate the
computerization and implementation of our system on Ethereum. Finally,
performance evaluation reveals the efficacy and scalability of FutureAB in
terms of both encryption (0.012 seconds per transaction) and verification
(0.001 seconds per transaction).
