Blockchain technology can be used for many purposes. Unsurprisingly, a lot of companies are working on products which are far from production-ready. PricewaterhouseCoopers wants to audit companies’ use of the blockchain to ensure it is being used properly. Moreover, it will let company staffers monitor their internal blockchain transactions.
An Interesting Venture for PwC
With so many companies claiming to focus on blockchain technology right now, one would expect more working products to have come to market. So far, that has not happened, which raises a lot of interesting questions. Since most of these companies remain tight-lipped about their blockchain ventures, it is evident something will need to change sooner rather than later. PricewaterhouseCoopers may have the solution people have been looking for all along.
More specifically, the company has come up with a new product which offers an outside look at clients’ use of the blockchain itself. There is no way to verify whether or not companies are implementing and using this technology in a proper manner right now. PwC acknowledges this problem and aims to do something about it. Its new offering should encourage more companies to use this technology in the near future.
As one would expect, there is a degree of distrust when it comes to newer technologies such as blockchain. Without an independent validation that the technology functions as intended, problems may arise. When companies can attest that everything is going as planned, a lot of people’s minds will be put at ease.
The benefits of blockchain technology should not be overlooked either. More specifically, this technology brings an immutable record of transactions to the table. The use of decentralized digital ledgers can open up a lot of opportunities, but only when the technology is used properly. With so many different use cases to be explored, it is important to keep tabs on things at all times.
What PwC does is log transactions of its clients that are experimenting with blockchain technology and apply controls and testing criteria to them. This allows users to monitor, view, and test transactions in real time, which is pretty interesting. So far, several customers are already using this new product, including a major stock exchange and a digital wallet provider. The demand for such a validation service is a lot higher than most people might expect.
It will be quite interesting to see how other companies respond to this new solution offered by PwC. It is good to see some entities take a strong interest in how other companies are experimenting with this technology. Asking for help in the blockchain industry is not unheard of, yet it seems this approach of monitoring and auditing will certainly attract a lot of attention.