A little bit over a week is left to wait until the largest Blockchain-related event Blockshow Europe 2017 will commence in Munich. Cointelegraph Events aspires to educate and connect people in the Blockchain industry to advance technology which is already changing the world.
Blockshow Europe 2017 is certainly to become the largest international platform for showcasing established Blockchain solutions. Cointelegraph Events team is looking forward to greeting more than 500 guests and 24 exhibitors at Alte Kongresshalle in Munich.
Partnership with Deloitte Germany
Cointelegraph Events is extremely honored to get support from Deloitte Germany. Deloitte needs no introduction. It is one of the biggest accounting firms and the largest professional services network in the world, which provides audit, tax, consulting and financial advisory services.
Addy Crezee, CEO at Cointelegraph Events, says:
“Expanding our network of partners we were, first of all, looking at the company’s activity in the Blockchain technology space. We are striving to ensure that the results of our partnership with Deloitte will most importantly benefit guests of the BlockShow Europe 2017. We are excited to partner with Deloitte, a company which is making significant steps towards establishing trust and increasing interest in the industry. I am certain that guests at the conference are interested to see how Deloitte is laying the path to the Blockchain-based future, and establish their own opinion. I cannot disclose all details about our partnership at this time. The only thing I can say is this - soon we will announce what our cooperation is built upon.”
Strongly believing in a huge capacity of Blockchain technology to transform the way services are provided in various industries and business sectors, Deloitte has built a large global Blockchain team consisting of more than 800 professionals located in 20 countries, all exploring the vast potential of technology and looking to introduce Blockchain-enabled solutions for companies clients.
Deloitte welcomes an opportunity to participate in Blockshow Europe, which is going to be the largest platform for companies, entrepreneurs, thought leaders, industry experts and professionals.
Jens Hermann Paulsen, Deloitte Blockchain Institute, Senior Consultant, explains:
“In comparison to some other events, the BlockShow emphasis lies not on bringing together the usual Blockchain speakers but thought leaders and innovative companies which is exactly what is important to advance the operationalization of Blockchain and the industrial adoption of the technology. This approach is quite similar to Deloitte’s approach which is why we are happy to support BlockShow Europe 2017.”
At BlockShow Europe, Deloitte will be represented by Milan Sallaba, Partner and Technology Sector Head. Deloitte is making huge steps in bringing Blockchain technology into operations, Milan will share company’s latest updates.
On April 7th join Deloitte for a workshop on Legal implications of Blockchain, where it will showcase solutions developed in the fields of regulatory reporting and automated compliance to initiate a vivid discussion of legal implications of and on Blockchain.
How to play Blockchain to win
With much of the hype around the Blockchain, it is important to understand where it really can be played to actually win. For this purpose, Deloitte has established Blockchain Institute embarking on a mission to become a center of competence and a trusted partner in all areas impacted by the rise of Blockchain technology.
The Institute constantly monitors and assesses regulatory, technological and market opportunities and threats of the technology. For businesses eager to explore this innovation the Institute helps defining the best strategies and approaches suitable for the rapid changes in the industry, and in the Blockchain ecosystem itself.
To this day, the company has developed more than 30 Blockchain-related prototypes for areas ranging from digital identity, and banking, to loyalty rewards solutions.
Disrupting its own industry
Blockchain technology is marching across the industries demonstrating its potential for significant transformations. Even though many use cases that have been identified are still in the experimental phase, we are definitely approaching the moment of a wider application of technology. Deloitte has identified a number of benefits that the Blockchain could bring for accounting across industries.
According to company’s experts, digitalization of the accounting system is still in its infancy compared to other industries. Exceptionally high regulatory requirements in regards to validity and integrity, systematic duplications of efforts, extensive documentation and periodical controls are among the key factors hindering this process.
Young and promising Blockchain technology is gradually finding its niche for accounting use-cases in a number of important aspects. Modern financial accounting based on a double entry system once offered a solution ensuring that managers could trust their own books. However, it is time for smarter and technology-enabled solutions.
Instead of keeping separate records based on transaction receipts, Deloitte states, companies will soon be able to write their transactions directly into a joint register, creating an interlocking system of enduring accounting records. Falsifying or destroying entries will be practically impossible as they are cryptographically sealed.
Why backing up accounting systems with Blockchain? Well, standardization would allow automatic verification of the massive data behind the financial statements, time and cost of conducting an audit would decline significantly, and the focus of auditors could extend on areas where they can add more value, e,g, internal control mechanisms or very complex transactions.
Experts at Deloitte believe that the transition towards a Blockchain-based accounting system is not as complicated. A certain challenge in digitalization is often related to the need to establish additional preventive measures to ensure immutability of records.
As a result, the whole bunch of organizational, technological, and processual provisions have to be created, coordinated, agreed upon and documented for third parties. What company would be willing to go through all this pain introducing a holistic electronic archiving system?
From use case to a scalable solution: Deloitte approach
However, according to Deloitte, Blockchain can easily be integrated into existing accounting structures to perform typical procedures. For instance, it can provide a solution for proving the integrity of digital files.
One of the approaches suggested by Deloitte is to generate a hash string of the file, which can be considered as a unique digital fingerprint of the file, immutably timestamped by writing it into the Blockchain.
At any point in time, anyone can check the integrity of that file just by comparing the fingerprint stored in the Blockchain. Therefore, entire business processes, spanning over multiple departments, or companies or even industries become easily traceable.