Major accounting firm, Pricewaterhouse Coopers (PwC), has announced that it is currently trialing a blockchain analytics tool designed to trade digital tokens from launch. PwC has stated that the software will assist companies in guarding against the misuse of their tokens for illicit purposes.
Also Read: Study Finds $3B Worth of Faked Cryptocurrency Volumes and Wash Trades
Pricewaterhouse Coopers Tests New Blockchain Analytics Software
PwC and its Hong Kong forensic services partner, Eric Young, have indicated that the company seeks to capitalize a growing interest in raising funds through initial coin offerings (ICOs) among businesses in Asia’s manufacturing, technology, and retail sectors.
Analysts have inferred that PwC hopes to capitalize on the migration of many Asian cryptocurrency companies to Hong Kong and Singapore – owing the respective jurisdictions’ lack of prohibitive regulations regarding ICOs amid China’s intensifying cryptocurrency crackdown.
Tool to Enable ICO Issuers to Track Token Circulations
Mr. Young has stated that the new analytics tool will allow token issuers to track the circulation of a cryptocurrency once launched, allowing the company to take measures to prevent its use in illicit transactions. “While on the blockchain ledger one could track the amount of transactions that have been done using the cryptocurrencies, there is still no way for an issuer of an ICO to trace its coins and know how these coins are being used,” said Mr. Young.
“With artificial intelligence built into our back engine, our solutions would enable clients to better predict which jurisdictions the digital token could potentially be circulated to. Depending on the type of company and the type of business it is engaged in, it could then apply a high-risk score to that particular jurisdiction,” he added.
Pricewaterhouse Coopers Works With ICO Industry
In recent months, PwC has worked alongside companies seeking to launch ICOs through assisting with legal considerations such as know-your-client an anti-money laundering measures, in addition to support and counsel in litigations, and advise regarding tax structuring.
In November of last year, PwC’s Hong Kong Office revealed that it had accepted bitcoin in exchange for consultancy services.
What is your response to PwC’s newly unveiled blockchain analytics software? Share your thoughts in the comments section below!
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