Deloitte: Pro Audit Standards “Benefit Blockchain Principles”

Global consultants Deloitte have announced the successful completion of their latest test project which brings “professional audit standards to Blockchain transactions.”

In a release earlier on Tuesday, the firm stated that it wanted to “enhance the utility and trust of a permissioned Blockchain system” through the application of existing industry standards.

“For the purposes of this project, we selected an internally-developed loyalty points Blockchain application built by our Rubix by Deloitte team on a permissioned Ethereum network as a test case,” Iliana Oris Valiente of Deloitte Canada commented.

The outcome of the project could “benefit Blockchain principals,” Deloitte said, as well as preparers and users of financial instruments and auditors.

Deloitte & Touche Principal Tim Davis added that market participants would still need to understand the “potential risks” involved in the new technology. “Given the early stages of Blockchain maturity, we recognize that many clients are in the development phases rather than in production,” he said.

Deloitte has been an important mover in Blockchain over the past few years, initiating and participating in a raft of standalone and collaborative projects aimed at enhancing the use and application of the nascent technology.

In its end-of-year report in December, the company concluded that banks and other financial institutions must form consortia in order to successfully pursue Blockchain implementation.