Tezos Southeast Asia collaborates with the ACCA to research blockchain’s use case in accounting

• Association of Chartered Certified Accountants (ACCA) will use the Tezos blockchain for accounting services.
• The ACCA will contribute educational materials on accounting standards, while TSA will provide technical integration with the blockchain.

Tezos Southeast Asia (TSA) has joined forces with the Association of Chartered Certified Accountants (ACCA) to use the Tezos blockchain for accounting services. The two organizations are looking to explore possible use cases such as mass education initiatives on the fundamentals of blockchain technology.

In a recent press release, the Singapore-based branch of Tezos announced the news. The two firms have agreed upon exploring the Tezos blockchain within the accounting industry by signing a Memorandum of Understanding (MoU). The ACCA is a well-known professional accounting organization that offers training and certifications for accountants.

According to the announcement, the ACCA will be contributing their educational materials on accounting standards, while TSA will be providing the technical integration on blockchain technology. The two associations will work together to develop training programs to educate students on the basics and real-life applications of blockchain.

Caleb Kow, President of TSA, said:

Information held on the blockchain exists as shared and continuously reconciled store across several computers. Attempts to falsify or destroy a record would require immense effort replicated on a global scale, a feat significantly harder in order of magnitudes to coordinate.

With this immutable standardization adopted in accounting practices, auditors will be able to verify larger amounts of data more efficiently, requiring less paperwork and with greater confidence.

Kow also noted that the Tezos blockchain will experience increased adoption due to this partnership. Reuter Chua, Head of ACCA Singapore, chimed in about the partnership:

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.

We are thrilled to work with Tezos Southeast Asia to explore the potential of the blockchain technology that is applicable in the accounting environment that will enhance our members’ workflows and better prepare them in this challenging environment.