Armanino- a business that provides accounting consulting services- launched a new blockchain-based tool that aims to provide strong guarantees for originated financial audits in a matter of seconds. The product dubbed TrustExplorer 2.0- is one of several projects guaranteeing to overturn how accounting is done in different companies. Let’s learn more about this new tool in the blockchain news today.
Blockchain technology and accounting as a completely different area, are getting even closer today, as much of the industry acknowledges which is barely astonishing: by definition, “ledger technology” should bring many improvements to the accounting sector and to also provide a more competitive nature to the way things are done nowadays.
Aramamino’s TrustExplorer 2.0 is an auditing protocol that offers real-time, financial audits and further verification, according to Armanino partner Andries Verschelden as he stated:
“We have this digital ledger that becomes the single point in truth capturing all these transactions. You open up the possibility of real-time audit and being able to provide transparency.”
Blockchain technology presents accessibility (wide distribution of data-entry points) and immutability (permanence). Armanino has been testing its suite with accounting and finance companies over the past year as Verschelden said.
Armanino as at big firms like PwC and Deloitte is one of the many ventures in the accounting industry taking advantage of blockchain technology. Blockchain technology has been long working on reducing the risks of alteration or corruption by automating the capture of accounting data and verifying its accuracy.
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Deloitte said in a 2016 report:
“Since all entries are distributed and cryptographically sealed, falsifying or destroying them to conceal activity is practically impossible. It is similar to the transaction being verified by a notary – only in an electronic way.”
There is no need for accountants to fear for their jobs according to Verschelden. These alternatives that blockchain technology has to offer will make their lives easier. Instead of doing activities that last more than 30 days including boring handwork and calculating numbers and doing complex math, companies can get a proficient view of their finances in seconds. Traditional methods will still be employed by accountants for final audits for a more subtle approach to risk management and financial inspections.
“Our industry is slow to embrace technology and has really looked at technology and blockchain as a threat than an opportunity. We asked] how did the blockchain change the audit process and how did it improve it?” Verschelden said.
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