With the widespread adoption of software as a service(SaaS) and cloud applications, the need for third-party assurance for such systems and outsourced functions has increased. Even though blockchain technology offers inherent security, there are many instances where applications of this technology also require third-party assurance by means of blockchain SoC2 compliance services.
What are blockchain SoC2 auditing services
The full form of SoC is System and Organized Controls. There are two main types of SoC audit reports – SoC1, which has got to do with money and SoC2, which deals with security. Strict attestation criteria issued by the government regulate all types of SOC reports. Only accredited public accounting firms may issue them, and they may only be distributed to a small collection of intended users. Here in this article, we are going to talk about the second kind of SoC auditing particularly applied to blockchain technology.
When it comes to the distributed ledgers of blockchain technology and cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), not being regulated by the government or any central body for that matter, they are susceptible to trust issues for the common public. There are several ways blockchain takes care of the trustworthiness – by the security of the protocol itself, the hashed anonymity of users, the underlying cryptographic algorithms, etc. However, the trustless peer-to-peer crypto economy still requires trusted advisors, trusted mediators, and guarantees from third parties.
