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The “Big Four” Audit Firms and Their Contribution to Blockchain Tech

Avatar Gautham 2 years ago

The professional services industry has taken a special interest in the cryptocurrency technology as many companies are in the process of adopting blockchain technology into their operations. The Big Four accounting firms, Deloitte, Ernst & Young, PricewaterhouseCoopers, and KPMG are no different. In fact, owing to their huge client base and influential position in the industry segment, the companies have gained the recognition of being the most active members of the blockchain revolution.

Each of the Big Four auditing firms is engaged in multiple cryptocurrency related projects. A recent report on one of the well-known business and financial news outlets lists all the noteworthy achievements of these companies. Among all the four, Deloitte has emerged as an early adopter as the company’s first tryst with cryptocurrency technology dates to 2014. Deloitte also created the Rubix advisory services to help companies explore and implement blockchain technology. Since then, the firm has built the first blockchain lab in Dublin in 2016, a hub in New York in 2017 and become part of Ethereum Enterprise Alliance and Hyperledger Project.

Similar to Deloitte, Ernst & Young is working closely with some of the blockchain-based startups. The company has also started accepting Bitcoin payment for services. Compared to other branches, EY’s Switzerland office is more active compared to other counterparts. It is also part of the Bitcoin Association as a corporate member. Earlier this year, EY released Ops Chain to facilitate the use of blockchain technology in enterprises.

PwC started paying close attention to blockchain technology since last year. After setting up its technology team, PwC has joined forces with public and private enterprises to facilitate implementation of distributed ledger technology. The firm later went on to establish Vulcan Digital Asset Services to promote the use of digital assets across various industry segment. Over the course, PwC has collaborated with some of the leading names in the cryptocurrency industry including Bloq, Libra, Netki, etc.

KPMG also has a dedicated section for Digital Ledger Services, to help companies harness the potential of blockchain technology. The service offers “full lifecycle support” to companies implementing blockchain solutions. It has also established a healthy working relationship with Microsoft to make use of the Blockchain as a Service offering to accelerate the development among its clients.

With the kind of reputation, the “Big Four” auditing firms carry around; they are in the right position to influence the movement of the global industry towards cryptocurrency industry. These businesses have so far moved in the right direction, and their continued efforts will definitely promote widespread adoption of blockchain technology, saving a lot of money over time.

Ref: Nasdaq | Image: NewsBTC

 

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