PwC Reveals Its Plans to Start Auditing Blockchain Services

The Blockchain revolution continues to spread like a wildfire in the technology sector as well among other global businesses. In addition to taking the global financial services to the next level, the blockchain technology is said to be having a variety of application in other businesses like logistics, medical science and many others.

This year, a large number of business corporations are expected to slowly shift their businesses and operations on the blockchain platform. However, one thing that is causing a bump in the road is that companies are finding it difficult to deal with workers due to lack of knowledge and technical expertise required to handle blockchain solutions. Companies say that a proper guidance is required before getting them with the onboard operations.

Professional Services giant and financial auditing firm Pricewaterhouse Coopers (PwC) has recently planned to venture into the space about how companies are implementing blockchain at their end. PwC says that companies “still need blockchain audits to build confidence and assurance in the technology.”

The ‘Big Four’ auditing giant has unveiled its latest offering on March 16, reports Wall Street Journal . The publication reports that during an interview, the partner in charge of internal technology audit solutions, A. Michael Smith said: “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.”

PwC has already ventured into the blockchain space long back and more importantly, the company also started accepting crypto payments in Bitcoin for its Hong Kong office back in December 2017. The audit giant now takes the charge of helping companies to implement the blockchain technology by auditing the expertise of workers.

Just a few days back, another report suggested that the company is also working on a blockchain analytics tool that will allow users to track digital tokens after they are launched. This is expected to bring more transparency in the ICO process after several reports of fraud being reported recently. Moreover, the tool is also said to help companies to guard their digital assets and prevent its misuse for other illicit activities.

Eric Young, PxC’s forensic services partner said: “While on the blockchain ledger one could track the amount of transactions that have been done using the cryptocurrencies, there is still no way for an issuer of an ICO to trace its coins and know how these coins are being used.”

He further added that “With artificial intelligence built into our back engine, our solutions would enable clients to better predict which jurisdictions the digital token could potentially be circulated to. Depending on the type of company and the type of business it is engaged in, it could then apply a high-risk score to that particular jurisdiction.”