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
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
As an enthusiast deeply immersed in the world of blockchain and cryptocurrency, my expertise stems from extensive research, hands-on experience, and a comprehensive understanding of the evolving landscape. I've closely followed the developments in the professional services industry, particularly the engagement of the Big Four accounting firms—Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG—with blockchain technology. My insights are grounded in a thorough exploration of their activities, partnerships, and contributions to the blockchain revolution.
Let's delve into the key concepts mentioned in the provided article:
-
Big Four Accounting Firms and Blockchain Adoption:
- The article highlights the special interest of the Big Four accounting firms in cryptocurrency technology and the widespread adoption of blockchain in their operations.
-
Deloitte's Early Adoption and Initiatives:
- Deloitte is recognized as an early adopter, with its first involvement in cryptocurrency technology dating back to 2014.
- The establishment of Rubix advisory services by Deloitte to assist companies in exploring and implementing blockchain technology.
- Deloitte's creation of blockchain labs in Dublin and New York in 2016 and 2017, respectively.
- Membership in the Ethereum Enterprise Alliance and Hyperledger Project.
-
Ernst & Young's Collaboration and Bitcoin Acceptance:
- Ernst & Young's close collaboration with blockchain-based startups.
- Acceptance of Bitcoin payments for services.
- EY Switzerland's active involvement and corporate membership in the Bitcoin Association.
- The release of Ops Chain to facilitate blockchain technology use in enterprises.
-
PwC's Recent Focus and Collaborations:
- PwC's attention to blockchain technology starting from the previous year.
- Formation of Vulcan Digital Asset Services to promote digital asset usage.
- Collaborations with leading names in the cryptocurrency industry, including Bloq, Libra, Netki, etc.
-
KPMG's Dedicated Digital Ledger Services:
- KPMG's dedicated section for Digital Ledger Services aimed at helping companies leverage blockchain technology.
- Offering "full lifecycle support" to companies implementing blockchain solutions.
- Establishment of a working relationship with Microsoft for Blockchain as a Service.
-
Global Industry Influence of the Big Four:
- Recognizing the influential position of the Big Four accounting firms in the industry.
- Emphasizing their potential to shape the global movement towards the cryptocurrency industry.
-
Promotion of Widespread Adoption:
- Acknowledgment that the efforts of the Big Four firms are contributing to the promotion of widespread adoption of blockchain technology.
- The potential for substantial cost savings over time as a result of increased blockchain adoption.
In conclusion, the article underscores the pivotal role played by the Big Four accounting firms in driving the adoption of blockchain technology across industries, showcasing their commitment through various initiatives, collaborations, and proactive measures.
