Requests for quotation and invoices as state objects!

(Andre Stephenson ) #1

Can requests for quotations and invoices be represented as state objects on the platform as one element of the domestic trade process between this mutually distrusting entities?

(Roger Willis) #2

Of course, you can represent any agreement/contract with the Corda state model. It might be easier to model quotations as just simple messages however.

(Andre Stephenson ) #3

Ok @roger. The reason I asked is that I was thinking of how extensive the audit trail should be to facilitate a complete trace of any agreement.

(Roger Willis) #4

You should read the international standards of audit which are published by the international accounting / audit standards board :slight_smile: in short you need to demonstrate adequate evidence that the transaction existed, was recorded in the correct period, that transactions have not been omitted etc. auditors currently use sampling. E.g. you justify a sample size and extrapolate the results for the whole population to give you a confidence interval. DLT will allow them to test 100% of txs. This adds a lot of value.