It seems the corporate and government related adoption of blockchain technology is picking up pace. Over the last couple of days we’ve seen China announce its intentions to introduce a block chain based digital currency for mainstream adoption and Australian banks initiate blockchain tech hubs in Hong Kong with plans to do the same in London next quarter. We’ve also seen German banks predict that cash will be redundant as soon as ten years from now. It seems as if – after a long period of uncertainty – these institutions are finally realizing that the future of domestic and international finance is just around the corner, and that blockchain technology could very well be the foundation of this future. In turn, they are scrambling to understand its underlying mechanism and potential applications.
Today we got word of yet another household name financial services company venturing into blockchain tech. The company is PricewaterhouseCoopers (PwC). For those not familiar with the company, PwC is a global organization that employs more than 200,000 people across primarily the US, Europe and Asia. It generated a little over $35 billion revenues last year. It is considered one of the big four accounting firms in the