Big Four Giant PwC Announces Launch of Blockchain Audit Services Projects

According to The Wall Street Journal, Waterhouse Cooper LLP, Big Four, an auditing firm that supported various blockchain projects, announced that the blockchain audit service will provide audit services for projects using new technologies.

It is expected that PwC will present a new service on Friday. This service will allow companies to obtain an external overview of the use of block technology, thereby ensuring their proper use and allowing employees to track the company's transactions.

Support for Blockchain binding

PwC believes that the service will make the technology more convenient for people.

A. Michael Smith, partner of PwC, who oversees internal audit decisions, told The Wall Street Journal that the service provides the need for independent verification that the technology is working for its intended purpose.

Blockchain technology provides an unrivaled record of transactions using decentralized digital registers. Although the technology has so far been associated with crypto-currencies, it can also be used for Internet authentication, supply chain management and audit of financial transactions. At audit of financial operations the technology can take part in a role of the auditor.

PwC recognizes obstacles to the adoption of technology. These include problems with compliance with requirements for companies and organizations, as well as problems of risk management and corporate control. While technology is often considered protected from unauthorized access, its adoption presents problems similar to the deployment of any information technology.

Vicki Huff, PwC's global leader in innovation, said that many companies do not really know what to do with blocking technology.

Customers confirm the need for

Recognizing such problems among its customers who started using blocking technology, PwC was interested in developing its new solution. PwC registers transactions on a block chain and has developed testing criteria and controls. The service will allow the user inside the company to view, test and monitor transactions in Blockchain in the near real time.

For today, there are already customers using this service. One client is a large stock exchange that checks the payment process based on Blockchain. Another client, a digital wallet provider, uses the product to verify the processing of transactions. PwC declined to provide more details about these two customers.

Author: Yevgeny Yakubenko, Analyst Freedman Club Crypto News

Image from Fotolia

Source: Read Full Article

Leave a Reply