“Tezos Southeast Asia” (TSA) is partnering with the Association of Chartered Certified Accountants (ACCA) to hire the Tezos blockchain for accounting services.

The two parties will explore different uses of the blockchain, including mass education initiatives on the fundamentals of blockchain technology.

The Tezos blockchain and its application in the field of accounting:

in press release The Singapore-based Tezos branch announced the news earlier yesterday. By signing a Memorandum of Understanding (MoU), TSA and ACCA agreed to explore the Tezos blockchain in the accounting industry.

Founded in 1904, ACCA is among the largest global professional accounting organizations that provide training and certification for accountants.

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According to the announcement, ACCA will contribute its educational materials on accounting standards, while TSA will provide technical integration with blockchain technology.

Both parties will collaborate in developing training programs to teach students about the basics and real-world applications of blockchain.

Caleb Koo, president of TSA, explained the potential advantages to the accounting industry using blockchain technology:

The information on the blockchain exists as a shared and constantly compatible storage across many computers.

Attempts to falsify or destroy a record require significant effort that is replicated on a global scale, a much more difficult feat in terms of formatting volume.

Through this non-standardization of accounting practices, auditors will be able to verify larger amounts of data more efficiently, requiring less paperwork and with greater confidence.

Kuo added that the Tezos blockchain will also see more widespread adoption through this partnership.

A new digital world:

Explaining how the modern world is being digitized, Reuter Chua, President of ACCA Singapore, argued that companies, despite their origin and sector, must take additional steps to adapt. He stated:

The rise of the digital economy has spurred industries to transform, and CCA as a global professional accountancy body continues to think ahead and ensure that we embark on new partnerships to deliver new value.

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The potential applications of blockchain technology in the accounting sector are wide-ranging, ranging from better audit verification procedures to speeding up settlement times for transactions, and automating and simplifying compliance processes.

Chua also noted that the first educational programs coming from the new partnership will arrive at the end of this year or the beginning of 2021.

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