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A complete understanding of the blockchain strategic layout of the world's four major accounting firms

Time : 22/10/2021 Author : qi5thj Click : + -
        PricewaterhouseCoopers (PWC), Deloitte Touche Tohmatsu (DTT), KPMG, Ernst & Young (ey), four world-renowned accounting firms (hereinafter referred to as the "big four") take the lead in the field of audit finance and tax services. At the same time, the exploration of emerging technologies has never stopped. With the development of blockchain technology, the "big four" have gradually established their own stable blockchain development routes. As financial industry service providers, they not only released research reports on blockchain and other financial technology fields, but also competed to establish their own industrial kingdom in terms of technology implementation and industrial layout. The first stage: cooperation and alliance stage. It mainly refers to the alliance and cooperation with technology companies and technology giants.
        In this mode, professional service companies such as the "big four" can quickly master the core technology of blockchain, while technology companies can quickly carry out blockchain application research with the help of the huge customer network of the "big four". The second stage: propose solutions. After digesting and absorbing blockchain technology, the "big four" successively launched solutions based on blockchain technology, and gradually increased investment, set up teams and set up technical laboratories. The "big four" also have cooperation in the application of blockchain technology. In August, the "big four" jointly joined the pilot plan composed of 20 Taiwan banks to test the application of blockchain technology in financial audit, aiming to apply blockchain technology to external audit, so as to simplify the audit process and improve the efficiency of audit work subversively.
        In January 2016, PwC and blockstream reached a strategic partnership to jointly research and develop distributed ledger and smart contract technology, with the purpose of helping enterprises evaluate cryptocurrency and blockchain technology and launch new applications for bitcoin protocol. In November 2016, PricewaterhouseCoopers launched Vulcan digital asset service, which enables digital assets to be used in daily banking, commerce and other personal currency and asset related services. In February 2017, PricewaterhouseCoopers set up an innovation center in Xintiandi, Huangpu District, Shanghai, forming an overall layout with the later established Shenzhen Qianhai creative intelligence center and Beijing Haidian District Innovation Center to provide all-round services to the markets in central, southern and Northern China.
        In March 2017, PricewaterhouseCoopers announced the launch of a blockchain concept verification project for the innovative transaction of targetoperatingmodel/tom in the London insurance market. The project can reduce costs and speed up the payment process in the professional insurance market through blockchain technology. In March, 2018, PwC officially launched blockchain audit services to provide external review of the use of blockchain technology in enterprises, so as to ensure that they use blockchain correctly and enable employees to monitor the company's blockchain transactions. On May 4, 2018, PwC acquired a minority stake in Chinese start-up vechain.
        Establish a transparent supply chain to protect customers' brands and products. On October 8, PricewaterhouseCoopers has cooperated with cred, a cryptocurrency lending platform, to jointly launch a stable currency linked to the US dollar. In May 2016, Deloitte launched rubixcore, a blockchain solution, and set up its first blockchain laboratory in Dublin to cooperate with international organizations that want to launch blockchain solutions in different countries. In March 2017, Deloitte worked with the Hong Kong Monetary Authority and a number of leading trade finance banks in Hong Kong to jointly create a proof of concept of "distributed ledger technology" for trade finance.
        On July 14th, 2017, Kazakhstan was cooperating with Deloitte and the blockchain technology enterprise waves and other teams to study the application of blockchain technology in the government system. In September 2017, Deloitte installed a bitcoin ATM machine. The bitcoin ATM is located in Canada's Toronto Office and is operated by rubix, a blockchain team. In December 2017, Deloitte and China Life Insurance (Overseas) Co., Ltd. jointly announced that they had jointly developed the first cross-border distributed ledger technology platform to support bancassurance business. On May 29th, 2018, Deloitte announced an important study, which believed that enterprises that did not study blockchain technology "had the risk of backwardness", and predicted that blockchain would become "the standard operating technology of finance, manufacturing and consumer industries".
        On August 28, 2018, the monetary authority of Singapore (MAS) announced that it had signed agreements with many well-known enterprises such as the Singapore Exchange, Anquan, Deloitte and Nasdaq to cooperate to improve the digital asset settlement business. In September 2016, with the help of Microsoft, KPMG launched a distributed ledger service to help financial services companies give full play to the potential of blockchain, that is, to make transactions faster and safer, and to reduce costs through the use of blockchain technology. In February 2017, KPMG and Microsoft announced the establishment of "blockchainnodes" Innovation workshop with blockchain development as the core, mainly developing applications in the financial field.
        In July 2017, KPMG Luxembourg Branch and Intech (a subsidiary of Post Group) jointly developed fundsdlt, a fund trading platform based on blockchain technology, which enables asset management companies to directly sell funds to investors, thereby significantly reducing the time cost of managing and processing transactions. In November 2017, KPMG closely followed the blockchain wave and signed a contract to become an enterprise member of the wall street blockchain Alliance (wsba), which is committed to promoting blockchain innovation in the financial field. On October 16, under the leadership of the new blockchain leadership, KPMG decided to "update" the blockchain development strategy and began to expand the blockchain business beyond pure financial services.
        Specifically, it focuses on the application of cross-border manufacturing and supply chain to meet finance, tariffs, taxation and compliance. In KPMG's view, the value of distributed ledgers lies in the field of customs and trade. The first is the development status of customs business. Nowadays, cross-border manufacturing transactions and tariff business systems are mixed, and most customs work is outsourced. As a corporate tax consultant for large enterprises and groups, KPMG is well aware of the complexity and pain points of customs business. Secondly, in September, KPMG replaced its new blockchain leadership team. Under the leadership of arunghosh, the general head of blockchain, the new blockchain leadership team tends to cooperate in tax and audit applications.
        Although Ernst & Young started late in blockchain business, it developed rapidly. Since October 2016, Ernst & Young has gradually begun to cooperate with bitfury, Paxos and other blockchain companies. In 2017, Ernst & Young became the first consulting company to accept bitcoin services. Since the beginning of 2017, clients of Ernst & Young Switzerland have been able to settle audit and consulting service fees with bitcoin. On March 1st, 2017, Ernst & Young launched an identity management platform based on blockchain technology for Australian customers. The blockchain identity ID platform is designed to help customers better manage customer registration and authentication, while addressing the challenges inherent in data management and privacy.
        In August 2017, Ernst & Young launched eytesseract, an integrated travel platform based on blockchain technology, which will lay the foundation for the ownership mechanism and operation mode of driverless car fleets in the future, and provide a variety of customized travel options on demand. In September 2017, Ernst & young and guardtime, a blockchain professional company, announced the creation of the world's first shipping insurance blockchain platform. In November 2017, Ernst & Young announced its cooperation with SAP, a provider of enterprise management and collaborative e-commerce solutions, to promote the development and deployment of blockchain in various industries around the world. In April, 2018, Ernst & Young announced the launch of a blockchain audit technology.
        It has improved the ability of ey team to improve the in-depth review of digital currency business transactions, and currently supports the review of a variety of digital currencies, including BTC, ETH, BCH, LTC. In May, 2018, Ernst & young and Shanghai Caohejing emerging technology development zone jointly launched the Ernst & Young Caohejing high growth enterprise growth center project, focusing on deep technology projects such as artificial intelligence, innovative medical devices, the Internet of things, blockchain, robots, etc.
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