The Institute of Certified Public Accountants of Cyprus (ICPAC) enters the new technological era with innovative digital solutions based on blockchain, in collaboration with the companies Block.co and Yellow Applications. In response to the requirements of the new technological age, ICPAC is adopting a series of innovative digital solutions that will allow the electronic issuance, management and will ensure the authenticity of any digital document by placing its digital fingerprint (hash) on the Blockchain.
The General Manager of ICPAC, Mr. Kyriakos Iordanou, stated:
“The use of Blockchain technology by ICPAC is considered a very important development for our association, as many of the standard and traditional procedures for electronic issuance, validation, and storage of various certificates and forms will be automated. It is very important that during the COVID-19 situation and despite the restrictive measures, the Association of Certified Public Accountants of Cyprus is a pioneer and continues to upgrade the quality of services to its members with the installation of this blockchain infrastructure. In the first phase of the project, we will proceed with the automation of the issuance of the registration certificates of our members, certificates of professional competence, certificates of examinations, and generally other forms that will be issued digitally. The aim of this cooperation is the technological upgrade to facilitate the working staff of ICPAC, to provide a better service to our members but also generally facilitate all our involved partners with the automation of various procedures.”
Mr. Alexis Nicolaou, CEO of Block.co stated:
“It is a special honor that ICPAC, of which I am a member, has shown confidence in our Company and has introduced this innovation in the context of its internal procedures. The solution we offered to ICPAC is based on Distributed Ledger Technology providing the ability to automate various processes and in addition, allowing any third party or organization to access the specific documents to confirm their authenticity.
Blockchain-based technology is something new and is considered nascent and most innovative in the field of information technology. A technology that is expected to become an integral part of our lives in the coming years. I believe this collaboration will enlighten many fellow accountants about the benefits of technology and that many more will follow soon!”
Our mission is to raise awareness about how Block.co can improve businesses’ operations and offer attractive solutions to risk and data authentication management. Block.co offers organizations a reliable blockchain platform that ensures the authenticity of any digital document anchored on the blockchain. This solution applies to any organization or sector that deals or issues documents that require to be verified in terms of authenticity and legitimacy. Block.co was born and developed by the University of Nicosia to address the issues of forged documents and the rising demand for validating certifications that would be vendor-independent.
What is Blockchain and how does it work?
Blockchain is the technology that supports cryptocurrencies such as bitcoin. It is essentially a distributed database that records and processes transactions through a network of computers, without the need for a centralized entity to confirm the transactions. Trying to decipher the concept of Blockchain, we can say that Blockchain is a public digital directory or ledger, which includes all transactions/notifications that have been executed and recorded in a particular sequence of transactions. The process of creating and maintaining this file is defined and controlled by programming rules, called a consensus protocol. These rules shall be drawn up in the light of the exceptional need for trust between these persons. To learn more about the technology and our solution, feel free to check out our resources section.
The general benefits of blockchain
Public access to the blockchain facilitates transparency in transactions and the dissemination of information. In the same context, the control process and the security of transactions are facilitated by eliminating any potential infringements, precisely because of the public nature of the data. At the same time, the need for cost-effective intermediaries also disappears, as all transaction information is encrypted within the blockchain. Thus, for example, governments can save several billion each year by eliminating a series of processes that cost time and money.
Beyond that, there are several services and solutions in the accounting and auditing sector that can become better, more secure, and require less time to implement using blockchain. As well as several other ideas that could take advantage of this technology and create many new products and solutions for the accounting sector. Using Blockchain technology provides improved traceability, increased process efficiency, speed, and reduced costs.
As times change, we change our services by providing technologically innovative products that ensure sustainability and growth to any modern business. We are thrilled to be ahead of time, and we will continue to design and upgrade our products to become more innovative and provide cutting-edge solutions to our clients.
Block.co is delighted to have a positive impact on the efficiency of business administration and provide a new digital verification experience that promotes ethical and environmentally friendly practices. We look forward to welcoming more partnerships in the future and to showing the business community the benefits of our blockchain platform.
Check our blog for more information!
Don’t Trust, Verify with Block.co to ensure security, immutability, and compliance:
• Decentralized validation process independent of issuing institution
• Simple issuing and validation process — Easy integration and User-Friendly
• Efficient solution to automate processes, reduce human errors and costs
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