Asian registered accountants are showing interest in Tezos Blockchain technology, a release has confirmed.

Tezos Southeast Asia, a Singapore-based not-for-profit organization, and the Association of Chartered Certified Accountants (ACCA) together announced a partnership to explore the Tezos blockchain technology and apply the innovation in the accounting industry.

The two organizations have signed a Memorandum of Understanding (MoU) that will enable ACCA to make some knowledgeable addition to the accounting standards with TSA offering technical integration advice on blockchain technology with a focus on solving issues in accounting.

The two organizations are to also design strategies and educational initiatives to promote adoptions of each other’s network.

As well, they will form workable partnership networks and synergize on enlightening members on the fundamentals of blockchain technology.

“Information held on the blockchain exists as a shared and continuously reconciled store across several computers,” says Caleb Kow, President of Tezos Southeast Asia.

“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.”

According to Reuter Chua, Head of ACCA Singapore, the evolvement of the digital economy is transforming different industries. This has made ACCA, being a global professional accountancy body, to think ahead to lead in the growth of modern technology.

“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,” says Reuter.