New Blockchain Tool Promises Verifiable Audits in 30 Seconds

Accounting and business consulting firm Armanino launched a new blockchain-based tool Wednesday promising firm-originated financial audits in seconds.

Called TrustExplorer 2.0, the product is one of several promising to overturn how accounting is done within companies.

Which is hardly surprising: by definition, "Ledger technology" should improve accounting and provide a competitive threat to the way things are done today.

Blockchain and accounting are made for one another, as much of the industry acknowledges.

Blockchain technology offers immutability and accessibility.

Armanino has been trialing its suite with accounting and finance firms over the last year, Verschelden said.

Armanino is one many projects in the accounting industry taking advantage of blockchain, including at big firms like PwC and Deloitte.

Blockchain technology can automate the capture of accounting data and verify its accuracy, reducing the risk of alteration or corruption.

"Our industry is slow to embrace technology and has really looked at technology and blockchain as a threat than an opportunity," Verschelden said.

"[We asked] how did the blockchain change the audit process and how did it improve it?".