ACCA Explores Blockchain with Tezos

ACCA Explores Blockchain with Tezos

The Association of Chartered Certified Accountants (ACCA) have signed an agreement with Tezos Southeast Asia (TSA) to research accounting-based applications of the Tezos blockchain.

Although the Memorandum of Understanding (MoU) is the just the first step in a process that has a number of desired outcomes, the two parties are aiming to organise the first of a series of training courses on the fundamentals of blockchain technology by the end of the year.

Streamlining

ACCA are a global professional accountancy body with around 527,000 students and 219,000 fully qualified members on their books.

In working with the technical service provided by Singapore-based TSA, ACCA will ensure their accounting standards are  underpinning any blockchain solutions implemented.

Working groups from the two organisations will address pain points within the accounting industry and “…also develop strategies and education initiatives to promote adoption amongst each other’s network.”

Reuter Chua, Head of ACCA Singapore, believes “The potential applications of blockchain technology in the accounting sector are extensive, ranging from better validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes.”

Caleb Kow, President of TSA, stressed the benefit of blockchain immutability can bring to accounting and expressed the opinion that “…auditors will be able to verify larger amounts of data more efficiently, requiring less paperwork and with greater confidence.”

Kow went on to suggest that the Tezos blockchain is best positioned to future proof widespread adoption “…through its unique and proven self-amending feature that can embrace future standards to meet the ever-changing industry needs of tomorrow.”

The news of the ACCA collaboration follows last week’s announcement by the Tezos Foundation of the launch of a new wrapped Bitcoin token on the network. Known as tzBTC, each token will represent one BTC and is intended to allow the main cryptocurrency access to the blockchain’s smart contracts and provide liquidity for the burgeoning DeFi opportunities being built upon Tezos.