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Pwc and Kpmg Commercialize Blockchain

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In January 2016, PwC took the initiative to exploit and commercialize blockchain by recruiting 15 tech experts to set up a new global technological team. Since then, PwC has collaborated with various enterprises, both public and private, to push the applicability of the blockchain technology around the world. In November 2016, PwC launched Vulcan Digital Asset Services to enable digital assets to be used for everyday banking, commerce and other personal currency and asset-related services in collaboration with Bloq, Libra, and Netki. On the other hand, as per a March announcement, PwC is exploring blockchain solutions with Alibaba and food industry stakeholders to address supply chain fraud and build trust in the food industry. In a recent report, they declared that over the next three quarters, more and more companies would be addopting blockchain in live production systems of global financial services, providing better resources to the public and earning their trust in the process.

KPMG launched its Digital Ledger Services in September 2016 as a suite of services designed to help companies providing financial services to form strategic qualifications, business/use case development, systems and operation integration and the management of the company’s blockchain infrastructure in place. The blockchain initiative by KPMG is supported by Microsoft’s Blockchain as a Service (BaaS) platform. Building on their strategic partnership, KPMG and Microsoft (MSFT) launched joint Blockchain Nodes early 2017 designed to create and demonstrate use-cases that apply blockchain technology to business Big Blue seems intent on reclaiming its most popular tech darling in the world status by jumping into the Blockchain with both feet. They want to be the fifth horseman to Scott Galloway’s Four in Amazon, Facebook, Google, and Apple citep{galloway2017four} and Stellar is one of their strategic investments. IBM views the blockchain as the chance to return to the winner’s stable.For example, IBM and Danish shipping giant Maersk have deployed a blockchain ledger to manage and track what was traditionally a paper trail of tens of millions of shipping containers moving around the world by digitizing the supply chain process.

The technology is built on Hyperledger Fabric 1.0, a blockchain first developed by IBM that is now maintained by the Linux Foundation’s Hyperledger group. IBM states that its Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. Intended as a foundation for developing applications or solutions with a Despite the odds, the potential benefits that blockchain offers justifies the efforts and investment going into it.

With the kind of reputation these firms carry around, to be going forward into this crucial year for cryptocurrency and its underlying technology, they are in the right position to influence the movement of the global crypto industry. These businesses have so far moved in the right direction, and their continued efforts will definitely promote widespread adoption of blockchain technology, saving a lot of money over time and at the same time shifting the trust of the public towards their cause.

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PwC and KPMG commercialize blockchain. (2019, January 28). GradesFixer. Retrieved November 28, 2020, from https://gradesfixer.com/free-essay-examples/pwc-and-kpmg-commercialize-blockchain/
“PwC and KPMG commercialize blockchain.” GradesFixer, 28 Jan. 2019, gradesfixer.com/free-essay-examples/pwc-and-kpmg-commercialize-blockchain/
PwC and KPMG commercialize blockchain. [online]. Available at: <https://gradesfixer.com/free-essay-examples/pwc-and-kpmg-commercialize-blockchain/> [Accessed 28 Nov. 2020].
PwC and KPMG commercialize blockchain [Internet]. GradesFixer. 2019 Jan 28 [cited 2020 Nov 28]. Available from: https://gradesfixer.com/free-essay-examples/pwc-and-kpmg-commercialize-blockchain/
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