California-based accounting firm Armanino is known for its exponential accounting services and business consultation. With a lot of achievements in its journey, now it has marked a new milestone: TrustExplorer 2.0, the world’s first application of real-time attestation.
Backed by blockchain, TrustExplorer 2.0 provides an instant downloadable financial audit in a single click, in seconds. Armanino calls the watershed a “paradigm shift” because of its large accessibility, and it ensures instant trust and transparency with reliable attest examination standards.
Even though the new development is a watershed, it is not surprising for many blockchain experts. The enormous possibilities of blockchain technology in accounting have been already discovered. CoinDesk explains the two categories are “made for each other.” Definitely, the new Armanino technology will bring a threat to the existing system of accounting.
“We have this digital ledger that becomes the single point in truth capturing all these transactions,” says Armanino partner Andries Verschelden.
TrustExplorer is a result of over one-year constant research of Armanino on the scope of collaborating blockchain and accounting, he added. Deloitte is one of the firms which pointed out the possibility of the system.
“Since all entries are issued and cryptographically sealed, forging or destroying them to hide activity is practically unfeasible. It is the same as the transaction being verified by a notary – only in an electronic way,” an excerpt from Deloitte 2016 report.
The real-time auditing allows Armanino to collect and store evidence all the time, produce a risk assessment, and ensure ongoing perfection through automated controls supported by periodic manual procedures. The real-time audits will provide information that is always current and relevant to the public. The real-time audits will bring current and relevant information to the public. The world’s fourth-largest stablecoin issuer TrustToken will be the first company benefiting from Armanino’s TrustExplorer.
At the same time, Verschelden assures the job of accountants. Armanino is only simplifying the work of accountants, not eliminating them, he said.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.