Topic: PWC Announce Blockchain Auditing Service (Read 123 times)
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"PwC recognizes the obstacles to the technology’s adoption. These include concerns about compliance within companies and organizations, as well as concerns about risk management and corporate controls. While blockchain is often considered tamper-proof, its adoption presents issues similar to that of deploying any information technology
In recognizing such concerns among its own clients who were starting to use blockchain technology, PwC was motivated to develop its new solution. PwC logs transactions on the blockchain and has developed testing criteria and controls. The service will allows user within a company to view, test and monitor transactions on the blockchain in near real time.
One customer is a major stock exchange that needs to verify its blockchain based payment process. Another customer, a digital wallet provider, is using the product to verify its transaction processing. PwC declined to identify these two customers."
Source: https://www.ccn.com/pwc-to-provide-audit-service-for-blockchain-to-stimulate-adoption
Some people might not know about PWC but anybody who have something to do with finance would know that PWC is a big brand that could make something happen. I have been following some of the activities of firms like this for a while and when I see the news I thought to share by itemising what I feel this would mean.
1. For PWC to launch this kind of service, it means they must have identified that there is a market for it already which underscore the importance that blockchain is already being applied in a practical way beyond what we have come to know that its only related to bitcoin and crypto trading.
2. This will further push other Big 4 accounting firms to start laughing their own services. EY I know is already involved in blockchain projects and this is expected to start cascading to other firms in the professional service industry.
3. This is a further testament that this is the real deal and its not going anywhere. The tentacles of PWC in every sector is expected to push this new found service line.
In recognizing such concerns among its own clients who were starting to use blockchain technology, PwC was motivated to develop its new solution. PwC logs transactions on the blockchain and has developed testing criteria and controls. The service will allows user within a company to view, test and monitor transactions on the blockchain in near real time.
One customer is a major stock exchange that needs to verify its blockchain based payment process. Another customer, a digital wallet provider, is using the product to verify its transaction processing. PwC declined to identify these two customers."
Source: https://www.ccn.com/pwc-to-provide-audit-service-for-blockchain-to-stimulate-adoption
Some people might not know about PWC but anybody who have something to do with finance would know that PWC is a big brand that could make something happen. I have been following some of the activities of firms like this for a while and when I see the news I thought to share by itemising what I feel this would mean.
1. For PWC to launch this kind of service, it means they must have identified that there is a market for it already which underscore the importance that blockchain is already being applied in a practical way beyond what we have come to know that its only related to bitcoin and crypto trading.
2. This will further push other Big 4 accounting firms to start laughing their own services. EY I know is already involved in blockchain projects and this is expected to start cascading to other firms in the professional service industry.
3. This is a further testament that this is the real deal and its not going anywhere. The tentacles of PWC in every sector is expected to push this new found service line.
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