PwC’s purpose is to build trust in society and solve important problems. As Blockchain is often called the ‘trust engine' or the ‘trust disruptor’. PwC believes that taking an active and leading role in determining the impact of Blockchain is part of its purpose. However, Blockchain is still in its early stages, and, as a result, its potential impact is prone to high levels of chaos and receptive to confusion. Acting upon and preparing society and businesses for the advent of new emerging technologies such as Blockchain, are important aspects of building trust.
"what will the future look like for an accountant?"
Given the global investments in Blockchain, the question is when not if this complex technology will disrupt existing business models - including the one of PwC and its clients. That is why we helped PwC in this process of going from theory to action. By jointly defining and building Proof of Concepts around three use cases (for their Lines of Service of Assurance, Advisory, and Tax), we helped set up PwC’s Blockchain Experience Lab - PwC’s commitment to further explore the impact of Blockchain, hands-on.
We asked ourselves: “what will the future look like for an accountant?” Will the profession still be the same in five or ten years from now or will it be completely redefined due to these technological innovations? We looked into the food supply chain in order to prevent fraud and make it transparent, so that consumers have insights into the provenance of the products they buy. We also tried to imagine a fraud-free world, with far less compliance burden and designed a solution for the currently broken VAT tax system. The system’s current extensive compliance, makes it liable to fraud and results in substantial administration costs, losing the EU over 160 billion euros in foregone VAT per year - excluding collateral cost.
More information on the proof of concepts we have built with PwC can be found in their online magazine