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Accounting: How the Big Four Approach Blockchain

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Big Four accounting

The Big Four accounting firms have different approaches to decentralized ledgers. As the blockchain tech matures and strengthens, behemoths in every sector are showing their interest. This technology can help improve productivity and reduce costs.

Therefore, auditing and accounting industries can benefit greatly from DLTs. Furthermore, it is in these sectors that immutability of data can help streamline complex processes.

Blockchain and The Big Four

KPMG, PwC, Ernst & Young, and Deloitte are the biggest names in the professional services industry. These companies generate a revenue of over $100 billion and have an extensive global outreach.

Additionally, the Request Network project, which partners with PwC France, is  developing decentralized applications. This will help perform functions that these accounting firms offer in their services.

The Big Four aim to navigate the path towards the adoption of this technology. They also aim to launch a joint pilot program that will see them working with 20 Taiwanese banks.

Deloitte

Deloitte pioneered the Blockchain Lab and Center of Expertise. These institutions created a Deloitte blockchain which will assist with the auditing and supply chain services.

Furthermore, Deloitte will use the blockchain to create a “Minimum Viable Ecosystem”, where key players will be able to interact in the operation of the technology.

Ernst and Young (EY)

EY initiated its own projects and is the only one of the four conglomerates to accept BTC (Bitcoin). Furthermore, they partnered with Microsoft in supporting content rights and royalty management for the media industry.

Moreover, EY launched the EY Blockchain Analyzer. The tool collects an organization’s cryptocurrency transaction data from multiple blockchains and allows auditors to assess the data and identify the transaction outliers.

KPMG

KPMG  recognizes the numerous benefits that the blockchain provides for increasing efficiency, reducing fraud, and ensuring a smoother customer experience.

PwC (PriceWaterhouseCooper)

PwC (PriceWaterhouseCooper) plans to offer a range of blockchain services.

Therefore, it will offer services like continuous assurance, risk reporting, and continuous transaction tracking.

In conclusion, the Big Four will pioneer unique products and services powered by the adoption of new technology.

 

 

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