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2020-05-01

Grant Thornton Intercompany Transactions on EOSIO

grant-thornton-intercompany-transactions-on-eosio

One of the largest accounting firms in the United States, Grant Thornton, will soon start recording all intercompany transactions for its clients on the EOSIO blockchain through their new inter.x platform. This will allow greater transparency, avoiding waste of time and fraud.

Grant Thornton's U.S company is part of Grant Thornton International world's sixth largest leading organisations of independent assurance, tax and advisory firms, which operates in over 130 countries around the world with revenue of $5.72billion in 2019.

Through their new inter.x platform, it will be possible for companies to make real time decisions, rather than waiting months for unnecessary bureaucracy. Intercompany transactions will be registered in an EOSIO blockchain to avoid underlying fraud or manual errors. These are all transactions that take place within a company, and usually account for 30% to 40% of the global economy, equaling almost $40 trillion annually.

Grant Thornton's U.S. company reported a revenue of $1.9billion in 2019, presumably transactions for more than half a billion dollars could be recorded in their EOSIO platform.

According to one company representative, the choice of EOSIO is mainly due to "its speed, user experience and scalability", which further confirms the power of EOSIO software and its flexibility.


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