The American Institute of CPAs (AICPA) and Wall Street Blockchain Alliance (WSBA), a leading nonprofit trade association promoting the comprehensive adoption of blockchain technology across global markets, recently announced plans to work together to define the impact of blockchain technology for the accounting profession and advance the interests of both the public and profession in this area.

“The accounting profession is built on confirmation and verification, and that’s what blockchain is all about,” AICPA President and CEO Barry C. Melancon said in a statement. “This technology can have a profound impact on accounting and finance going forward, and it’s important we make sure that its adoption proceeds in a way that’s in the best interest of the public and our financial markets.”

“The WSBA is very pleased to be collaborating with the AICPA and CPA.com to guide the evolution of the global accounting profession in a future with blockchain technology,” Ron Quaranta, chairman of the WSBA, said in a statement. “We look forward to working together to advance the world of accountancy and its use of blockchain, as accountants become integral participants in the adoption of this innovative technology for global markets.”