Seattle based Avalara, which is a tax compliance automation provider for business has announced to welcome blockchain technology after it recently introduced a bitcoin module for its AvaTax compliance engine.

Avalara executive vice president of engineering Peter Horadan compared blockchain technology to innovations like the cell phone. During Avalara conference in New Orleans Wednesday, Horadan said that, “It’s not just about financial transactions or Bitcoin. It’s something that can be adapted to the work that we all do and it may affect the future of how we do our jobs.”

He mentioned that, blockchain is a set of journal entries, one after the other, that are all published in a series of entries called blocks. Also Nasdaq has started to trade securities using blockchain technology. Further talking in the conference, Horadan said that blockchain is able to track ownership in the shared ledger, showing whenever a company transferred money to another. Blockchain technology can also be used to track transfers of real estate and other goods in addition to money.

The company’s move to bitcoin adoption recently created a smooth path for companies which are interested in accepting bitcoin and conducting transactions in the cryptocurrency. Horadan mentioned blockchain has “deterministic nature” in which a transaction item either occurred or didn’t. Blockchain also has a “single use” aspect, in which the same dollar cannot be given to multiple people. 

Horadan gave an example that, “If I say I’m giving you a hundred dollars and I tried to do it in a blockchain, you can go and look at whether that did or did not happen.” He explained that “There are a lot of models where you don’t know that until later, even banking transactions, where acceptances can happen days after the fact.”

Scott McFarlane, Avalara’s CEO, told that the company has always been developing new technology and is a fast growing software company in transactional tax and sales tax. McFarlane started the company 12 years ago and made five acquisitions last year, including FuelQuest’s Zytax excise tax technology and VAT Applications NV, a developer of VAT compliance software. Also he developed plans to accomplish “Mission to Mars” over the next five years.