New York-based Raich Ende Malter & Co. LLP (FY16 net revenue of $47.1 million) announced the launch of REM ThinkLab, an effort to provide thought leadership on blockchain accounting. As cryptocurrencies such as Bitcoin and Ethereum gain ground in global commerce, an understanding of blockchain, the digital ledger technology used to record cryptocurrency transactions, is essential for the accounting profession. To aid clients and colleagues in parsing this new tech, REM ThinkLab will publish periodic whitepapers, as well as thought pieces on The REM Cycle, Raich Ende Malter’s tax blog.
REM ThinkLab is helmed by Arthur DaPonte and Tyler Russell, who have co-authored a blockchain whitepaper, an illustrated blog post, and a comprehensive glossary of blockchain technology terms for newcomers. They are currently developing a CPE course on the topic.
DaPonte and Russell are confident that blockchain is ultimately a source of new business for accountants. “As industries harness the power of blockchain to become more efficient and effective in their operations, CPAs and auditors will play an integral role in providing the public with the assurance that these processes will require,” says DaPonte.
“At this point, everyone has heard of blockchain and how it will revolutionize the accounting industry, but with REM ThinkLab, we are actively examining the blockchain process and its applications. As always, Raich Ende Malter is looking to the future and embracing new technology,” says Cornelius Kilbane Jr., PIC REM’s New York City office.