WSJ – PwC Has an Answer for the Blockchain: Audit It

  • If blockchain technology can validate transactions the way an auditor traditionally does, what’s left for an auditor to do? – PricewaterhouseCoopers LLP’s answer: Validate the validators.
  •  unveiled a new offering Friday that will provide an outside look at clients’ use of the blockchain—making sure companies are implementing and using it properly, and allowing people within a company to continuously monitor its blockchain transactions
  • “There’s going to have to be some kind of independent validation that the technology is functioning as intended.”
  • Blockchain faces a host of obstacles to adoption, PwC says—legal and compliance concerns within companies and other organizations, issues of corporate controls and risk management
  • As transactions occur on the blockchain, PwC logs them and applies controls and testing criteria, and allows users within a company to monitor, view and test transactions in near real time
  • initial customers using the product, PwC says, is a major stock exchange that needs to verify its blockchain-based payment process is working as intended
    • another customer a digital-wallet provider, which is using the PwC product to verify the processing of its transactions

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