Hedera Hashgraph, an enterprise-grade, public distributed ledger technology (DLT) platform, recently confirmed a strategic partnership with Armanino LLP, one of the largest accounting and business consulting companies in the United States.
As noted in a press release shared with Crowdfund Insider, the partnership will allow the Hedera ecosystem participants to use Armanino’s DLT assurance technology platform, called TrustExplorer, and its new Trusted Node data service for “a reliable source of transaction and account data.”
Lionel Chocron, chief product officer at Hedera Hashgraph, said that DLT has the potential to introduce “unprecedented” transparency, security, and performance to several major industries. However, Chocron pointed out that for industry participants and their auditors, who are working with DLTs and extracting their data, there are still “significant inefficiencies.”
He explained that implementing a scalable and efficient blockchain network requires ensuring that everyone, from developers to the firm’s large-enterprise adopters, can effectively track their own network data to be audited.
As mentioned on the release:
“With industry-standard trust mechanisms, the Armanino Trusted Hedera Mirror Node service offers Hedera ecosystem participants and their financial statement auditors relevant and reliable sources of information for balance sheet accounts with material activity in Hedera’s native token, the HBAR.”
Andries Verschelden, Armanino partner-in-charge of blockchain efforts, acknowledged that placing data on blockchain or DLT networks provides “great promise.” But making that data usable is the hard part, he admitted.
“We believe there can be no mainstream adoption without enterprise-grade trust mechanisms. Today, we are building more trust and transparency with key partners and providing real tools to facilitate adoption. Our TrustExplorer platform, and all its applications, were designed from inception to be compliant, with a robust and auditable control environment.”
Armanino’s TrustExplorer will reportedly be audited by an external, independent accountant under the American Institute for Certified Public Accountant’s system and organization controls (SOC) reporting standard.
Chocron went on to add that Hedera aims to be the future of the “decentralized internet.”
He believes this goal requires quick, effective “routes to auditability and regulatory compliance.”
He also mentioned:
“From an individual investor completing a tax return, to a large enterprise demonstrating regulatory compliance, Hedera continues to prioritize these efficiencies to ensure the scalability and realistic useability of the network.”