There has been and continues to be a huge push for Blockchain data to be widely accepted.
Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way from the inception of the currency. But is only available with cryptocurrency..
The block chains for crypto currencies are maintained in a “decentralized” manner-meaning that copies of the block chain are maintained on many computers, globally (rather than a centralized computer controlled by a third party financial institution).
The block chain activity can be viewed on various publicly available “block explorer” websites, such as www.blockchain.infoforBitcoin.
If generally accepted, this would reduce or possibly eliminate the need for audits.
But again crypto currencies are used by the Dark Web and criminals, according to a study conducted earlier this year, approximately one-quarter of Bitcoin users and one-half of Bitcoin transactions are associated with illicit activity. Around $72 billion of unlawful activity per year involves Bitcoin, which is close to the scale of the U.S. and European markets for illegal drugs.
Once addresses are used, they become tainted by the history of all transactions they are involved with. Anyone can see the balance and all transactions of any address.
Also Bitcoin transactions cannot be reversed, they can only be refunded by the person receiving the fund.
Also Bitcoin is not backed by any country, nor has an official cryptocurrency been declared.