PricewaterhouseCoopers (PwC), Deloitte, Ernst & Young (EY) and KPMG, better known as the “Big Four” auditors, all have established solid long-term blockchain roadmaps to remain relevant in the cryptocurrency and blockchain space.
The four professional services conglomerates, which combined employ over a million individuals, have different roadmaps and perception of the future of the blockchain industry. Deloitte for instance, the biggest auditor out of the four with an annual revenue of around $43.2 billion, has stated that the blockchain sector is close to seeing a breakthrough with the technology.“Ultimately, [blockchain is] more of a business model enabler than a technology...for legacy organizations…we’re starting to see a change in approach toward blockchain. Executives in these organizations are moving away from the pure platform view of ‘What is it?...let’s find a use case’ toward development of more sensible, pragmatic business ecosystem disruption.” - Deloitte’s 2018 blockchain survey, published August 27
In contrast, PwC, which has been directly involved in the cryptocurrency market through its investment in VeChain (VET) since May 4, a China-based Internet-of-Things (IoT) blockchain network, expressed its concerns over the uncertainty in blockchain regulation.
PwC blockchain head Steve Davies explained that a large number of conglomerates and startups are exploring ways to integrate the blockchain at a commercial level. But, regardless of the increase in demand for the blockchain, regulatory hurdles in integrating the decentralized technology has limited companies from utilizing the blockchain to process information:“Businesses tell us that they don’t want to be left behind by blockchain, even if at this early stage of its development, concerns on trust and regulation remain. Blockchain by its very definition should engender trust. But in reality, companies confront trust issues at nearly every turn.”