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Bounty Waterhouse Cooper LLP, a Big Four accounting firm that has supported numerous blockchain projects, has announced a blockchain audit service that it applications will encourage people to use the still new technology, according to The Wall High road Journal.
PwC was expected to present the new service Friday. The service will agree to companies to offer an outside review of their use of blockchain technology, thereby securing they are using it properly and enabling employees to monitor the company’s blockchain dealings.
Supporting Blockchain Adoption
PwC believes the service will make people multitudinous comfortable with blockchain technology.
A. Michael Smith, a partner at PwC who manipulates internal audit solutions, told The Wall Street Journal the waiting provides the need for an independent validation that the technology is operating as aim.
Blockchain technology delivers an immutable record of transactions using decentralized digital ledgers. While the technology has to current been associated with cryptocurrencies, it can also be used for online particularity verification, supply chain management and auditing financial transactions. In auditing fiscal transactions, it can assume part of an auditor’s role.
PwC recognizes the obstacles to the technology’s adoption. These categorize concerns about compliance within companies and organizations, as well as unsettles about risk management and corporate controls. While blockchain is oftentimes considered tamper-proof, its adoption presents issues similar to that of deploying any gen technology.
Vicki Huff, PwC’s global innovation leader, said numerous compliance teams do not know what to do with blockchain technology.
Also understand: ‘Big 4′ accounting giant PwC accepts its first bitcoin payment
Guys Demonstrated The Need
In recognizing such concerns among its own clients who were starting to use blockchain technology, PwC was egg oned to develop its new solution. PwC logs transactions on the blockchain and has developed testing criteria and rules. The service will allows user within a company to view, analysis and monitor transactions on the blockchain in near real time.
One customer is a biggest stock exchange that needs to verify its blockchain based payment procedure. Another customer, a digital wallet provider, is using the product to authenticate its transaction processing. PwC declined to identify these two customers.
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