About the PwC Blockchain Analytics Tool
Pricewaterhouse Coopers, a prominent accounting company, has announced that it is currently carrying tests on a block analytics utility. Upon its launch, the tool will trade in digital tokens. The software is aimed at combating the illegal use of project tokens. As a result, blockchain companies are expected to eagerly waiting the roll out of this analytics software.
There proliferation of ICOs has captured the attention of many, PwC included. Nowadays, crowdsales are the preferred means of fundraising, a trend that is particularly high among Asian companies. Consequently, PwC and Eric Young, its forensic services partner, have developed interest and are intending to carve out a business opportunity from this nascent culture.
According to expert insights, PwC and Eric Young want to capitalize on the massive migration of Asian crypto firms from China to Hong Kong and Singapore. These two locations are favored due to their friendly regulations on ICOs whilst China is renowned for its stringent rules.
Eric Young indicated that the analytics tool will automatically grant cryptocurrency tracking capabilities to project owners after an ICO. Hence, the company can block illicit usage of its tokens or coins. Young reiterated that this is the first service that tracks the usage of digital currencies in addition to the capabilities of blockchain technology, such as incontrovertibility.
Eric lauded the integration of an AI expert systems within the tool, saying that it would predict the usage areas for the given cryptocurrency. Using the predictions, the company would then apply a high risk score to the indicated area.
Lately, PwC has been working in collaboration with several institutions that have impending ICOs. In exchange for an opportunity to research, PwC has provide a range of legal services including money laundry countermeasures, support and counsel in court cases and advise concerning taxation. Also, nearing the end of 2017, PwC Hong Kong stated to accept Bitcoin payments in their consultancy offices.