Traditional corporate gospel, accounting giant officially launched blockchain practical tools

At present, the growth and adoption of blockchain technology in the enterprise field is rapidly developing. Organizations such as the Accounting Blockchain Alliance (ABC) have also helped the organization to provide training to businesses and organizations on accounting matters related to digital assets and blockchain.

This alliance is in the hands of some powerful companies. For those who want to enter the blockchain and digital assets, the alliance adds another institutional and credible advantage. Members include BDO in the United States, BPM in the United States, ConsenSys, Crow Law Firm, Michigan State University Eli Broad Business School, Microsoft, RSM and Vertex Inc.

Both BDO and BPM are large US accounting firms, which rank the highest among the top 50 accounting firms, with 60 offices and more than 400 independent affiliates across the country.

The purpose of the alliance is to provide guidance for best practices and to address the changes and opportunities presented by the implementation of the blockchain in the organization and as a knowledge sharing platform.

To this end, the Alliance has now taken considerable steps to make it easier to adopt blockchains. It introduces a risk assessment tool that provides guidance for accountants, auditors, CFOs, compliance officers, etc. to evaluate digital assets and blockchain technologies. More importantly, it also recommends measures to reduce threats.

Force legalization of assets and blockchain

Of course, this alliance is a positive step towards the development and dissemination of blockchain technology in the corporate sense. The good news is that these major accounting, auditing and technology companies are actively building tools to improve space.

According to BennettMoore, co-chairman of RSM US, the purpose of this tool is to help users who are considering using common processes related to blockchain technology for risk assessment.

This tool can be used as a benchmark for companies to use or consider the use of blockchain technology within an organization. It can help assess the specific considerations of how businesses are organized and how they actually use digital assets and blockchain technology.

Other similar tools and documents from different accounting and consulting firms also deal with risk identification, but there is no real attempt to provide guidelines for internal control activities or to recommend actions to mitigate identified threats and vulnerabilities. It is this additional step taken by ABC's tools that makes it unique.

Why is this tool important?

Businesses are entering a phase where they may overlook the blockchain revolution that is taking place. However, because the field is still new and untested, it is still easy to fall into the trap of the technology.

As a result, trusted tools like ABC's tools can provide a huge weapon for companies to integrate well-behaved blockchain technology.

“As blockchain technology matures and brings real business value to the business, it is critical that companies using this technology understand the new and traditional IT-related risks.” RSM US co-chair Bennett Moore tell me.

“The value of blockchain technology is still largely process driven, and companies will need to maintain detailed, secure and efficient processes to leverage their strengths while maintaining regulatory compliance.”

“The focus of this tool is to help companies explore the use of this technology, understand common processes, be aware of the associated risks, and some potential internal control activities that, from a broad perspective, may help mitigate these risks. ”

“The Accounting Blockchain Alliance intends to make this tool the first step for companies to use blockchain technology for risk assessment.”

“Blockchain technology is an accounting technique”

Of course, using this tool to benefit a series of companies is just a coin side. Equally gratifying is the fact that companies involved in ABC's manufacturing of these tools also want to make an impact in this area.

Moore, co-chair of RSM US, the fifth largest accounting firm in the United States, acknowledges that there is a very close relationship between blockchain and accounting, and it is not surprising that the accounting industry is concerned about this technology.

Moore said, "The development of this tool undoubtedly shows that the accounting industry is paying attention to this technology and its current and potential uses. In essence, blockchain technology is an accounting technology. From real-time retrospective review to real-time embedded Compliance review, which has the potential to dramatically change the way monitoring and achieving compliance."

The development of this tool shows that accountants have taken the first step to understand how processes related to the use of blockchain become new and familiar parts of existing IT risk frameworks. With blockchains The increasing use of it will provide new opportunities to match the value transfer components that are instantly matched by both the Authorization, Document Support, Ledger, and Trade contacts."

“In addition, in order to achieve the potential compliance, accounting, and legal automation that blockchain can provide, it is critical that companies and their consultants understand, review, and plan for the risks associated with using blockchain technology.”

Beyond interest

The next important step in the alliance is also obvious. It is time for companies to explore and experiment and further develop. It is time to make meaningful changes with new technologies, Moore explained.

“The vast majority of companies engaged in trade organization activities, such as the Accounting Blockchain Alliance, are not only evaluating blockchain technology, but are also using the technology to build solutions.”

He then concluded that:

“Accounting firms are using blockchain to build audit, tax and general accounting software solutions; technology companies are building software tools to rethink the back-end and ownership concepts of financial services, supply chains and many other industries; educational institutions are not only The value of educational technology, and the use of blockchains to award degrees and certificates to students' new smart identities."


The original was written by Forbes writer Darryn Pollock, an award-winning journalist who wrote articles on blockchains and cryptocurrencies for many platforms. English copyright belongs to the original author, please reprint in Chinese.