Big Four Giant PwC Announces Blockchain Auditing Service
Price Waterhouse Cooper LLP, a Big Four accounting firm that has supported various blockchain projects, has announced a blockchain audit service that it claims will encourage people to use the still new technology, according to The Wall Street Journal.
The service will allow businesses to offer you an external review of their use of blockchain technology, thereby ensuring they're using it correctly and enabling employees to monitor the company's blockchain transactions.
PwC believes the service will make people more comfortable with blockchain technology.
A. Michael Smith, a partner at PwC who oversees internal audit solutions, told The Wall Street Journal the service provides the need for an independent validation that the technology is operating as planned.
Blockchain technology delivers an immutable record of transactions utilizing digital ledgers that are decentralized. While the technology has been associated with cryptocurrencies, it may also be used for online identity verification, supply chain management and auditing financial transactions. In auditing financial transactions, it may assume part of an auditor's role.
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 controllers. While blockchain is often considered tamper-proof, its adoption presents issues similar to that of deploying any information technologies.
Vicki Huff, PwC's global innovation leader, said many compliance teams do not know what to do with blockchain technology.
Customers Demonstrated The Need
In recognizing such concerns among its clients who were beginning to use blockchain technology, PwC was motivated to develop its new solution. PwC logs transactions on the blockchain and has developed testing standards and controls. The service enables user within a company to view, test and monitor trades on the blockchain in near real time.
1 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 both of these customers.