How Big Four Auditors Delve Into Blockchain: PwC, Deloitte, EY and KPMG Approaches Compared

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.

Since 2016, Deloitte has been fairly active in the blockchain and cryptocurrency space, leading various initiatives to promote the usage of blockchain technology.

Deloitte has taken a comprehensive approach towards blockchain development and integration, by creating a division within the conglomerate called "Deloitte Blockchain Lab" that is wholly dedicated to blockchain research and development.

On August 28, in a survey report entitled "2018 global blockchain survey Breaking blockchain open" Deloitte stated that blockchain technology is getting closer to a breakout moment.

In April 2018, the firm released EY Blockchain Analyzer, a technology "That is designed to facilitate EY audit teams in gathering an organization's entire transaction data from multiple blockchain ledgers."

"Understanding exchanges and cryptocurrencies is the first step in our ability to develop tools to test various blockchain-based business contracts. These technologies lay the foundation for automated audit tests of blockchain assets, liabilities, equities and smart contracts. EY Blockchain Analyzer will be utilized by the auditor to analyze transactions on a blockchain and help provide insight to the finance function."

In the months to come, EY is expected to continue its work as a risk identifier in the blockchain and cryptocurrency space, developing various tools to render the experience of using the blockchain seamless for companies.

In the months to come, the conglomerate emphasized that with the appointment of Arun Ghosh as the firm's U.S. Blockchain leader, and David Jarczyk and Erich Braun as the U.S. Blockchain Tax and Audit leaders, it will work with partner companies to create comprehensive blockchain strategies and guidance.

The decision of KPMG to pivot its blockchain business to risk assessment and audit comes after the release of its report called "The Pulse of Fintech," which revealed that the first half of 2018 has exceeded the total investment in blockchain technology made in 2017.

PwC is taking a more aggressive approach to directly integrate the blockchain into existing infrastructures of conglomerates and Deloitte is focused on improving the technical aspects of the blockchain.