After Verady's recent participation in the AICPA Blockchain Accounting Symposium and reception of Juniper's Future Digital Award, CEO Kell Canty spoke with E-Crypto News to discuss the blockchain space.
Verady was founded specifically to help companies in the cryptocurrency and blockchain space. Accuracy and quality of data is a priority for the company so it can offer a solution that meets high standards and integrity. This gives clients seeking traditional financial verification, reporting and assurance the tools they need to work with cryptocurrency. Our Ledgible Platform pioneers blockchain asset financial reporting including “Bank Statements for Blockchain”.
Canty says the banking community is ready for blockchain, and that the government and regulators seem to agree, citing that the OCC just allowed federal banks to provide customers with blockchain asset services and the state of Wyoming just chartered the first Blockchain/Crypto Bank!
- What are your thoughts on regulation when it comes to distributed ledger technologies?
I am glad to see regulatory clarity happening even as we speak to provide the foundation for more explosive growth in the industry.
The cryptoasset ecosystem of companies, investors, and accounting firms who now have to answer 'Yes' to the IRS 1040 form question around Virtual Currency require a tax and financial reporting platform designed for the blockchain and cryptocurrency. Traditional financial reporting and tax packages do not support cryptoassets and cannot accurately account for all cryptocurrency transactions.
- Are there any plans to extend Legible beyond its current capabilities?
Yes, we are always looking at new coins, exchanges, wallets and cryptoassets as well as providing features to make it easy for institutions, accounting firms, and investors to accurately and easily account for their cryptoassets. As an innovator and leader in this space, we have many great new capabilities on our roadmap, stay tuned!
- Just how extensive are Legible’s capabilities right now?
Ledgible is being used both in the USA and internationally to provide bank level financial reporting in many different areas including financial statements and tax.
Through Ledgible customers have access to a AICPA SOC assured portfolio tracking and reporting of cryptocurrency activity for specific solutions for Tax, Accounting and Confirmation. We believe traditional accounting systems, firms, and standards are currently lacking functionality around cryptocurrencies. Legible currently integrates with all major accounting platforms. The Ledgible platform is the bridge between cryptocurrencies and traditional financial accounting.
- Why do you think enterprise blockchains fail?
Some efforts have been premature and the market was just not ready. Frankly, though blockchains are tremendous at what they are designed to do and unfortunately some projects have tried to use them when they are not suitable or needed. Timing can also play a part.
- Do you think enterprise blockchains are the future? Please give us reasons for your answer.
I think they play a very important part in the future and will continue to coexist with public blockchains. I would reference Italy having over 100 banks on an enterprise blockchain for their banking system and IBM’s food trust in production use by Walmart and others. I do believe that there will be connections between public and enterprise much like intranets and the internet evolved.
- In which direction do you think the blockchain space is going? What contributions can Verady make in this regard?
Blockchain is making fundamental changes in the areas of financial assets, payments and services as well as in the supply chain. As a new paradigm and technology, the needs to bridge the gap between current assurance, reporting and other critical needs is very high. Unlike wages and financial transactions, there is no equivalent cryptocurrency “bank statement” to reconcile cryptocurrency balances and transactions. As a result, the gains and losses to report have to be figured out. Verady is here to help and this is where Ledgible can make a difference.
- Why do you think the mass adoption of blockchain technology hasn’t occurred yet? In your opinion, what solutions would you suggest that will enable the mass adoption of blockchain technology?
I think it’s simply a question of time. It’s a disruptive technology and regulations have not been clear until very recently. Large Impact technologies do not happen overnight particularly when they are dependent on legislative and regulatory oversight.
Also it has barely been a decade since the very first use of blockchain for bitcoin. The internet took a long time to reach critical mass for adoption as well.
- If you had a crystal ball and the ability to see into the future, where do you see Verady in ten year’s time?
I see Verady and our Ledgible platform playing an essential and perhaps even behind the scenes/embedded role in the blockchain ecosystem to provide transparency in assurance, reporting and bridging to traditional centralized systems and organizations in a way they understand.