[Note: This post has been updated to provide definite information regarding the location of where the inter.x platform demo took place. The changes are marked in italics (i).]
The world’s fifth largest network of independent accounting and consulting member firms is adopting EOSIO for its intercompany transactions. Grant Thornton is the US member firm of Grant Thornton International Ltd with 59 offices in the US and over $1.7 billion in revenue.
With expertise in over 15 industries including, asset management, banking, manufacturing, telecommunication, transportation, technology, health and life sciences etc. we can see the impact EOSIO (blockchain) will have in their services.
Taking a quick look at their large company, you can quickly see how fitting their firm is with EOSIO as they are concerned with being transparent with their clients. For example, the firms 2019 Annual Report doesn’t just cover finances, like most organizations do, but it also showcases their talent and integrity, performance, services and capabilities, and a message from the CEO to all stakeholders.
If this firm were anymore transparent they’d be using a blockchain. Well, that’s the step they’ve now taken. Their innovative culture is probably best summed up by this video:
Grant Thornton has launched a new platform for managing intercompany transactions called inter.x and it leverages blockchain technology to provide transfer pricing analytics and transparency. inter.x will play a big role for the firm as in April 2012, it was accused by a client of hiding information and was ordered to pay $20 million in compensatory damages and $80 million in punitive damage. EOSIO, through inter.x, will provide immutable data to ensure and prove integrity as the audit data cannot be changed over time. And save them a lot of money in the process.
As mentioned earlier, Grant Thornton is the US member firm of Grant Thornton International Ltd, and although it is the largest with 59 offices in the US, it is only one of dozens of member firms in a massive network. Grant Thornton International Ltd has subsidiary firms in over 130 countries, including France, Vietnam, Peru, Japan, Hungary, Russia, Brazil, Australia, Switzerland, South Africa, and the list goes on.
All these members could soon realize the benefits of the inter.x platform and follow suit in adopting it. That translates to thousands of businesses worldwide using EOSIO to ensure integrity and transparency in their operations.
On a bit of a side note.
Doing a bit of digging we found the earliest mention tying Grant Thornton with EOSIO coming from a tweet made on October of last year by non-other than Thomas Cox, the former VP of Product at Block.one (creators of EOSIO).
EOS Costa Rica have confirmed that this demo was in fact at a GT Blockchain Meetup in Washington D.C (i). EOS Costa Rica are a standby Block Producer on the EOS blockchain, who also develop blockchain applications and provide top-grade hardware resources for EOSIO networks.
It is still unclear whether Grant Thornton are leveraging an already existing EOSIO blockchain, or they have a EOSIO blockchain that’s solely built for their organization. Regardless, this is a major vote of confidence on EOSIO from one of the world’s largest firms and seeing them use the tech for exactly the services it was meant to complement, will showcase EOSIO’s undeniably superior capabilities on the world stage.
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