Tezos Southeast Asia Signs Deal to Test Blockchain in Accounting Industry

Tezos Southeast Asia — a non-profit organization is dedicated to promoting the adoption of the Tezos blockchain in the region — has inked a deal with the Association of Chartered Certified Accountants on April 13.

According to a press release, the partnership between the ACCA and TSA will explore the applications of the Tezos blockchain in the accounting industry. The ACCA is a major global accounting organization that provides certifications and training for accountants. 

A give and take relationship

The ACCA will help TSA by sharing their knowledge of accounting standards with the firm. Conversely, the TSA will help the ACCA explore and implement the applications of blockchain technology in the accounting sphere to free it of various shortcomings. 

As a next step, the TSA and ACCA will develop educational materials, training courses and partnership programs to help people gain a better understanding of the technology and further promote the adoption of blockchain. Reuter Chua, head of ACCA Singapore, said:

“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.”

Blockchain in accounting is on the rise

Blockchain and crypto are making fast progress in the accounting industry. Cointelegraph earlier reported about the partnership of the fifth-larget U.S. accounting firm RSM and blockchain-native software and tax services company, Lukka. The blockchain company will provide RSM with crypto taxation software for both individuals and businesses.

Despite becoming more commonplace in certain industries, Big Four accounting firm Deloitte and the World Economic Forum recently stated in a joint whitepaper that blockchain still lacks the interoperability required for mainstream enterprise use.