Deloitte Explores Blockchain Tech for Client Auditing
Professional services firm Deloitte has revealed it is seeking to use blockchain technology to automate client auditing and crowdsource its consulting efforts, among other applications. With the announcement, Deloitte - one of the world's 'Big Four' audit firms - becomes the latest mainstream financial entity to voice its interest in the technology, following announcements by banking giants such as Citi, UBS and USAA. In an interview with CoinDesk, Deloitte Consulting principal Eric Piscini explained his company has been conducting research into the potential business opportunities around....
Related News
A new report from Deloitte explores how blockchain could be used in loyalty rewards programs. The report, released by the Deloitte Center for Financial Services, argues that most loyalty programs offered by US companies face a problem, as they are underutilized and have high management costs. At the same time, loyalty rewards recipients are just as likely to leave a program due to a perceived lack of convenience, the study found. Blockchain, according to Deloitte, presents a potential solution, offering a mechanism by which a loyalty program would function similarly to digital currency.....
Multinational services firm and one of the so-called “Big Four” accounting firms Deloitte has announced the completion of its latest blockchain endeavor. The firm scrutinized permissioned blockchain protocols and applications with professional auditing standards. The aim of the project, Deloitte said, was to “enhance the utility and trust of a permissioned blockchain system” by putting it through both professional audit and assurance standards. If 2017 is the year of blockchain prototypes and proof-of-concepts turning into real-world applications, auditors will have to keep abreast with....
Matthew Spoke is a senior consultant at Deloitte Canada and is actively involved in the company's internal initiative to explore uses of blockchain technology in accounting. Here, in an article co-authored with his colleague Shannon Steele, he explores why a blockchain-based audit system is the future of accounting. Following the Enron Scandal in October of 2001, something unprecedented happened. For the first time in its modern history, although for a short period, the global audit industry lost its most precious asset: public trust. Although the industry has since recovered, and the....
Deloitte, one of the “Big Four” accounting firms is launching an exclusive blockchain lab in New York’s Wall Street district to research and develop financial blockchain-based solutions. Calling 2017 the ‘make-or-break’ year for blockchain technology, the lab’s focus will look toward creating “ready-to-integrate” solutions for Deloitte’s clients in the financial services industry. To aid in its effort to develop deployable blockchain solutions, the blockchain lab will see over 20 developers and designers staffed under its roof. The effort will be client-focused, Deloitte says, and will now....
Professional services firm Deloitte has invested in blockchain startup SETL. The funding represents the first time the professional services firm has publicly invested in a blockchain startup, a Deloitte representative confirmed, though he declined to disclose the amount when reached. SETL, which is based in London, is one of a number of startups worldwide looking to apply the tech to payment and settlement, and it recently became part of a regulatory sandbox initiative launched by the UK's Financial Conduct Authority. The funding comes less than a month after the two firms announced the....