Pricewaterhouse Coopers (PwC), the second largest professional services firm in the world, has launched a blockchain audit service that will produce reports on how its clients make use of blockchain — and at the same time as offering companies information on how to efficiently implement the technology.
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Additionally, it will permit employees to constantly monitor their companys’ blockchain transactions. According to PwC, the new service will sway more companies to embrace the nascent technology.
Why Audit Blockchain Data?
The “big four” multinational accounting company believes its move will make many more familiar and comfortable with the revolutionary technology.
Michael Smith, a partner at PwC responsible for internal technology audit solutions, told the Wall Street Journal, “There’s a natural predilection for people with new technology to be distrustful of it. There’s going to have to be some kind of independent validation that the technology is functioning as intended. ”
Blockchain technology (if deployed properly) is tamper proof and no entry on it can be altered. Up until now, though, distributed ledger tech has mainly been associated with cryptocurrencies, but lately, interest from governments and companies around the world is flowing in to research its use in various fields.
The technology is already used in pilot programs for supply-chain management, archiving documents, banking, and many other purposes. It is also capable of helping auditors in their tasks. Proponents claim blockchain technology adoption will grow each year, as more discover its incorruptible and transparency features.
PwC Audit Service Will Help Businesses Move to the Blockchain
PwC told the Wall Street Journal that the adoption of the revolutionary technology won’t be easy and smooth, even though companies are becoming more confident with it. There are several hurdles, such as “legal and compliance concerns within companies and other organizations, issues of corporate controls and risk management” that it must overcome first.
These concerns were identified among PwC’s own clientele, which led the company to offer the blockchain audit service. As transactions are performed on a given blockchain, PwC will record it and implement “controls and testing criteria”. The audit service will enable employees to monitor and test transactions in real time that occur on the blockchain.
PwC also revealed that it has two customers already using this new service. One is a prominent stock exchange and other is a digital wallet provider verifying transactions.
Recently, the firm said it is experimenting with a new analytics tool which will track digital tokens from the time of launch. The primary reason to develop the tool is to prevent the use of digital tokens for illicit purposes, by allowing the issuer of the token to track it. PwC is also assisting companies that intend to launch ICOs with tax structures and legalities.
Will such audit services draw in more companies to embrace blockchain technology? Let us know your views in the comments section.
Images via PwC
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