PwC Unveils New Blockchain Auditing Service
One of the Big Four accounting firms, Price Waterhouse Cooper LLP (PwC), has announced a blockchain audit service that it claims will encourage people to use this new technology according to The Wall Street Journal.
The service will allow companies to offer an outside review of their use of blockchain technology, ensuring they are using it properly and enabling employees to monitor the company’s blockchain transactions.
PwC believes the service will make people more comfortable with blockchain technology.
A. Michael Smith, a partner at PwC overseeing the internal audit solutions, told The Wall Street Journal the service provides the need for an independent validation that the technology is operating as intended.
PwC recognizes the obstacles and challenges facing the technology’s adoption such as concerns about compliance within companies and organizations and concerns about risk management and corporate controls.
Vicki Huff, PwC’s global innovation leader, mentioned that many compliance teams do not know how to deal with blockchain technology.
Identifying those concerns facing its clients that were starting to use this technology to develop its new solution. PwC logs transactions on the blockchain and has developed testing criteria and controls. The service will allow a user within a company to view, test and monitor transactions on the blockchain in near real time.