The “Big Four” of audit companies began the transition to blockchain

How Blockchain Will Shape the Future of Accounting | Jacob Lewtan | TEDxBryantU

In recent months, the largest audit and consulting companies «big four» increasingly offer new products based on blockchain.

Term «big four» used to refer to the world’s largest audit and consulting companies, which include PwC, Deloitte, EY and KPMG. Recently, PwC and EY have already presented a set of tools to improve and improve the quality of audit of blockchain-based corporate transactions. This indicates the interest of leading companies in the development of this area..

The 'Big Four' of audit companies began the transition to blockchain

EY recently introduced Blockchain Analyzer — a system to improve the analysis of activities and monitoring of transactions in the blockchain. In March 2018, PwC began using innovative technology to audit investment activities. However, the proposed products are proprietary and only available to firms operating on private blockchains. Other consulting companies are also starting to follow suit and offering new business solutions..

Despite the fact that the participants «big four» integrate the blockchain, this is not a manifestation of altruism, but is done solely in their own commercial interests. Universal access to products would help most companies in auditing their activities, but would lessen the influence of the consulting giants. Innovations are only part of the development program to maintain a leading position in the future. Although the transition to blockchain will increase the transparency and accuracy of audits, but exclusively for private clients.

As a reminder, Bloomberg Launches Its Own Cryptocurrency Ratio.

text: Ivan Malichenko, photo: Insider Media, New statesman 

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