The big four companies have definitely foreseen the advantages of blockchain technology in the transformation of the existing system. The companies seem to have redefined their approaches as the new emerging technology is getting rapidly accepted worldwide. The “Big Four” auditors, Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC) and KPMG are said to have established long-term blockchain roadmaps in order to remain pertinent in the fields of cryptocurrency and blockchain.
The auditing giants have a combined workforce of over a million individuals in the different departments. They are capable of facilitating efficient research and development to analyze the future of the blockchain industry. For example, Deloitte the biggest out of the four has an annual revenue generation of about $43.2 billion. The company officials have event stated that blockchain is close to seeing a breakthrough with the technology.
2018 global blockchain survey conducted by Deloitte unveiled that blockchain is more like business model enabler rather than a technology. In addition to this, it is also stated that the big four companies have begun to see a change in the approach towards this new technology. The officials and consultants are looking forward to develop a sensible pragmatic business ecosystem by using the innovative test cases. (Via Deloitte)
Blockchain Integration In Other Consulting Firms
On the contrary, other firms like PwC have got directly involved with the crypto trade business through investment in a China-based Internet-of-Things (IoT) blockchain network VeChain (VET). PwC blockchain head Steve Davies quoted that many business groups and start-ups are exploring blockchain at a commercial level. However, the regulatory hurdles in the integration of blockchain have put constraints on its potential usage according to Coin Telegraph.
The big four companies have given their affirmation for blockchain technology in their recent comment and reports. It is speculated that there are going to some major goals defined for exploring the potential of ledger based technology in the upcoming days.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]