Armanino TrustExplorer: A Software Solution for the Future of Digital Assets

For some time now we have been asking ourselves, what does the future of trust and transparency look like with increased adoption of digital assets, increased use of smart contracts and a world of DApps? There are so many challenging problems to solve, and we are actively working on a number of them.

Some of these challenging problems (and their solutions) affect the future of public accounting. So, of course, we are selfishly interested in those questions. However, our team is made up of blockchain and crypto evangelists, so we are keenly interested in the success of the overall ecosystem as well.

One thing is sure: Blockchain technology offers individuals, as well as businesses in many industries the opportunity to increase trust among customers, vendors and third parties, by enhancing the trust and transparency of how they currently transact. What is also true is that blockchain is not a panacea, and there are many assurance and oracle issues that are hindering more extensive use and adoption.

Armanino is the first to solve one of the nagging trust issues for stablecoins, a particular type of cryptocurrency backed by fiat held with a physical bank or trust company. The Armanino TrustExplorer program is a proprietary, Armanino-owned and controlled software solution that offers asset-backed token projects and their holders a new level of trust and transparency, by providing a current, third-party view of the tokens in circulation and the related collateralized fiat funds (such as U.S. dollars) that back them.

Here is the live dashboard: https://www.trustexplorer.armaninollp.com/TrueUSD

We are perhaps most excited about the collaboration we have developed with TrustToken and its TrueUSD (TUSD) stablecoin, which currently is in the top three stablecoins by market capitalization (around $200,000,000). TrustToken aims to create the most trusted, reliable and usable asset-backed tokens for users around the globe.

In 2017, the public trust in centralized dollar-backed stablecoins was undermined as some coin values were artificially inflated; TrustToken is a player that has helped restore the community’s confidence. In our view, TrustToken is a project “doing it right” and baking trust, transparency and compliance into their culture and their products. Through our collaboration, we hope to increase the transparency and trust for the TUSD-holding community.

TrustExplorer is an extension of Armanino’s Blockchain Lab, which has played a key role in advising our audit and assurance teams on their engagements with clients in the cryptocurrency industry. The Armanino Blockchain team has more solutions in store and is working on new and innovative ways to bring increased trust and transparency into digital assets and its ecosystem. We think the crypto industry needs new and adaptive solutions that are tailored to the modern-day needs of their business and operations. Stay tuned!