PwC Digs Further into Blockchain, Acquires Minority Stake in VeChain

PwC, an accounting powerhouse with over 220,000 employees and ‎a $36 ‎billion annual revenue, has made its first official ‎investment in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry. The company’s arms in Hong ‎Kong and Singapore have each acquired a small ownership interest ‎in VeChain, a blockchain-based anti-counterfeit and supply chain startup out of ‎China.‎

The investment is thought to provide PwC with VeChain’s trust-based services through its platform, which will require the use of ‎VeChain Tokens to access and perform transactions. VeChain’s platform ‎has already been adopted by several established companies as part of their production ‎system across various‎ industries.‎

VeChain is a subsidiary of Chinese blockchain technology ‎company BitSE, which was launched in November 2016 to ‎create, manage and update shared data about ‎products in the supply chain. PwC’s investment will help ‎VeChain accelerate its deployment in Hong Kong and ‎South East Asia, as well as offer the blockchain startup ‎strategic advice.‎

PwC is one of the famed Big Four tax and accounting companies in the world, which also ‎includes Deloitte, EY, and KPMG. It was the second mega professional services company to ‎offer its clients the possibility of settling their invoices in Bitcoin.‎

PwC ‎isn’t the first Big Four firm to adopt Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term as Ernst & Young (EY) already enabled ‎its clients last year to pay for products and services using the decentralized ‎cryptocurrency. Also, other professional services have been eyeing this trend for quite some ‎time as Bitcoin, and other established cryptocurrencies have now been more broadly accepted ‎as forms of settlement.‎

Meanwhile, the pro-crypto push may not only aim to lower transaction costs for its advisory ‎services but seems part of a wider strategy to promote the developments of digital products. ‎Specifically, PwC is taking it a step further by advising customers about crypto funds ‎and investments, cryptocurrency exchanges and fundraising through token sales, or ICOs. This ‎will include advisement on new processes, risks, regulatory policy, and tax guidelines.‎

Commenting on the news, Raymund Chao, PwC Asia Pacific, and Greater ‎China Chairman said: “We are glad to establish a deeper relationship with ‎VeChain, which aims to build a trusted and distributed business ecosystem to help ‎address long-standing challenges in supply chain management, food trust, and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving ‎important problems and building trust in society.” ‎