PwC Unveils Blockchain Auditing Service With Crypto Business Already Signed Up
A cryptocurrency wallet provider has already signed up to use PwC’s new Blockchain vetting service it formally announces Friday.
The ‘Big Four’ multinational accounting firm will unveil its latest offering March 16, the Wall Street Journal reports in an interview with a partner in charge of internal technology audit solutions, A. Michael Smith.
“There’s a natural predilection for people with new technology to be distrustful of it,” the partner told the publication.
“There’s going to have to be some kind of independent validation that the technology is functioning as intended.”
PwC is no stranger to the world of cryptographic technology, having even opted to start accepting Bitcoin at its Hong Kong office in December 2017.
Now, as business uptake of Blockchain is set to skyrocket this year, the company says workers with little to no knowledge will need both guidance and vetting as they come on board.
“The compliance teams don’t know what to do with it,” global innovation leader Vicki Huff added.
Interest in the service is already flowing in, and reportedly includes a cryptocurrency wallet provider looking for independent verification of its transactions.
While PwC declined to name the company, the news comes as Coinbase seeks to ensure maximum regulatory compliance in areas such tax, as the 2018 reporting deadline nears for US customers. The wallet provider even issued its own tax calculating tool this week.