A Summary About How Have Big Four Been Using Blockchain in Their Professionals
This year, all Big Four companies have at least shown an interest in blockchain, although their approach tends to be so different. Some companies, such as Deloitte, are primarily focused on how technology affects the overall market, while EY focuses on releasing software solutions that meet electricity businesses’ demands. death.
So, how far have the Big Four reached in exploring distributed ledger technology (DLT) and can blockchain provide any specific privileges for some organizations? In the following, we have summarized a timeline in which specifically demonstrated the adventure approaching blockchain of these 4 giants.
PwC
Crypto/blockchain market report: Yes
Blockchain-based software solution: Yes
Direct acceptance (accepting Bitcoin, ATM electronic money): Yes
Cryptocurrency market Investment: No.
Begin accepting Bitcoin payments for its services in 2017, PwC is considered to be the Big Four company most proactive in exploring cryptocurrencies and blockchain. The company even has a large-scale training program to enhance blockchain and cryptocurrency knowledge for its employees. Besides, PwC is also keeping an eye on stable coins and partnering with decentralized lending platform Cred to advise on the issuance of a U.S. dollar-pegged cryptocurrency.
In the field of consultancy, in March 2018, they partnered with leading global asset management firm Northern Trust to enable real-time equity audits via blockchain making the underlying transactions more transparent. Two months later, PwC invested in VeChain, a major cryptocurrency startup specializing in web services, supply chain management, and anti-fraud.
Recently, PwC announced to release a crypto audit software solution that provides independent evidence of public-private key pairing and information collection on transactions as well as balances from blockchains.
EY
Crypto/blockchain market report: Yes
Blockchain-based software solution: Yes
Direct acceptance (accept Bitcoin, ATM electronic money): No
Cryptocurrency market Investment: No.
In April 2018, EY announced its Blockchain analyst system, becoming the first official auditor to provide specific services for the needs of cryptocurrency companies allowing full data collection from multiple blockchain ledgers. A year later, EY updated a new version of the Blockchain analysis system with many new functions: Auditing, taxation and transaction monitoring.
In March 2019, EY launched a new software solution to improve the current tax system called tax and electronic asset accounting (CAAT) which serves the U.S. government and organization in IRS returns related to crypto-assets.
EY not only invested in researching blockchain in Audit but also concentrated on how to apply this technology to enhance the Wine Industry. Specifically, there is a platform called Tattoo which helps Asian consumers easily determine wine’s quality, origin and authenticity imported from Europe.
Crypto/blockchain market report: Yes
Blockchain-based software solution: Yes
Direct Acceptance (accept Bitcoin, ATM electronic money): No
Cryptocurrency market investment: No.
KPMG has been a member of the Wall Street Blockchain Alliance (WSBA) since 2017.
Over the past 12 months, it has partnered with blockchain company Guardtime to provide blockchain-based services to customers; partnered with the U.S. Food and Drug Administration to integrate blockchain into the pharmaceutical supply chain, working with United Arab Emirates officials to successfully test the Know Your Customer application based on blockchain.
Besides blockchain-related projects, KPMG has also researched the cryptocurrency market aiming at its overall growth.
Crypto/blockchain market report: Yes
Blockchain-based software solution: Yes
Direct acceptance (accepting Bitcoin, ATM electronic money): Yes
Cryptocurrency market investment: No.
Deloitte was the first member who was most interested in blockchain when it announced its first blockchain lab in Dublin in May 2016. At that time the company partnered with Ireland’s largest bank to verify its employee’s identification.
Also in 2016, Deloitte installed a Bitcoin ATM on its office campus in Toronto. The device is located outside the security gateways so that everyone can use it. This has shown the company’s interest in cryptocurrencies.
Deloitte has also started supporting a new blockchain accelerator program called Startup Studio in partnership with 22 other companies including Fidelity and Amazon. Startup Studio regularly organizes seminars for blockchain startup companies to help them strengthen many key skills for the industry.
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