In a press release dated 4th May, PwC announced that it has purchased a minority of stake in VeChain, a Chinese blockchain service provider, as it seeks to integrate blockchain platform in its infrastructure.
VeChain Global Technology Holding Limited is a blockchain service provider specializing in anti-counterfeiting, supply chain management, and the Internet of Things (IoT).
The move by PwC is strategic and the accounting company aims at integrating VeChain’s service platform into its infrastructure, which will require the use of VeChain Tokens in order to access and perform transactions.
Raymund Chao, PwC Asia Pacific and Greater China Chairman said that the move was an important strategic collaboration that will allow the company to offer innovative professional services using blockchain technology. Chao explained:
We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society,
VeChain’s system is designed to apply IoT technology to create private keys for each product, making it possible to trace them within the distribution process. The move by PwC to acquire part of the blockchain service provider will aid VeChain’s growth and expansion in Hong Kong and Southeast Asia, where PwC has a substantial following.
Major Global Corporations Adopting Blockchain
The rush to join the blockchain technology has gained momentum among major corporations in the world. The big four tax, audit and accounting firms in the world have been at the forefront in adoption of blockchain technology and its products. According to cointelegraph, PwC has become the second mega professional services company to accept Bitcoin for client invoice settlements after Ernst & Young.
Late last year, KPMG became another major ‘Big Four’ accounting and auditing firm to jump on the blockchain bandwagon. The company signed on as a corporate member of the Wall Street Blockchain Alliance (WSBA), which aims to facilitate the implementation of blockchain innovations in the financial sector.
The wave to adopt blockchain by corporations is not only limited to the accounting firms. Major tech-based companies have also joined the blockchain community, led by Microsoft and Samsung. Amazon has also been at the forefront of coming up with innovative blockchain-based platforms that offer different solutions. Google is also in the process of signing up to blockchain, although the details remain closely guarded.
VeChain is the fifteenth-best token in terms of market capitalization. It has recently recovered, as market participants are excited about the VeChainThor Blockchain, whose Mainnet Launch is expected in mid-June.
Do you think the move by PwC to purchase part of VeChain will enhance the company’s operations and services? Share your thoughts with us in the comments section.