Ten years ago when Bitcoin was introduced, perhaps not everyone knew the technology behind it would become what it is today. Cryptocurrency is evolving and has gone way past what it was ten years ago, as it keeps getting better by the day. Since inception, blockchain developers have sought ways to make both the blockchain and cryptocurrency technologies better than they were, and that has led to the discovery of several use cases of both technologies.
PwC Blockchain Applications & Database
As part of the drive to be part of the several operations involved with cryptocurrency, PwC, a consulting firm has come up with a crypto solution that functions as an auditing tool, and that is a feature off its suite for auditing data.
This new crypto auditing tool makes it possible for users to audit cryptocurrency transactions, thus providing substantive and independent evidence concerning the public address and private key pairing, in order to easily establish and ascertain the ownership of crypto, while also making it possible for the user to get information about blockchain balances and transactions.
Cryptocurrency Book Keeping
With the aid of the product, PwC has begun to use the tool for performing crypto audits of clients that perform transactions in Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, XRP, and OAX. It may interest you to know that the crypto audit tool is being made available to firms that do not have any affiliations or relationship with the consulting firm. According to PwC, they are helping the other firms to begin the implementation of the controls and processes needed to enable their auditors deliver assurance reports.
Furthermore, PwC says it is imperative that companies keep up with the changes in relevant trending technologies, just as auditors also develop audit tools that are based on emerging technologies in order to meet up with the demands of the companies and stakeholders.
Earlier reports indicate that the consulting firm has been auditing firms like Loorping Foundation, a Hong Kong-based project about stablecoins, and also Tezos Foundation. Apart from carrying out audits on blockchain-based companies, PwC took it further by carrying out some crypto-based investigation, and according to their findings, it is alleged that two Iraninans who had been sanctioned by the U.S. government had been using the Russian cryptocurrency exchange WEX to launder money.
Interestingly, some of the employees left the firm to greener pastures in the blockchain industry. For instance the co-creator of the Switzerland arm of PwC’s blockchain initiative, Roman Schneider left the firm to function as the CFO of Tezos Foundation. Also, Grainne McNamara who was the blockchain head at PwC also left the firm and joined EY, a blockchain auditing firm.
A lot of innovations are taking place within the blockchain and cryptocurrency space, and thus making the mainstream adoption of both technologies nearer than envisaged by crypto analysts, investors, stakeholders and enthusiasts. The possibilities with both technologies are endless, and it is interesting to see the technologies being applied in to sectors and industries that people didn’t think was possible.
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