PwC Appoints 15 Technology Experts To Explore Blockchain Technology

Blockchain technology that underpins bitcoin continues to create ripples in the financial sector. The year has just started, and already a number of conferences have been announced that will focus on various aspects of the technology.

One of the “Big Four” companies, PricewaterhouseCoopers (PwC) announced on Thursday the appointment of a new team comprising of 15 leading technology experts who will explore and commercialise blockchain. The team will be based in PwC’s Belfast office and is expected to grow to more than 40 digital and technology specialists during the course of this year, the company said in a press release.

The company said that its decision to focus on blockchain technology is a major step in its move towards developing FinTech solutions that has become the driving force behind change and innovation in the financial services industry.

“PwC is now breaking new ground in developing radical FinTech solutions and these appointments represent the first stage of our plans to grow a world-class Fintech offering”, Steve Davies, PwC partner and EMEA FinTech Leader, said in a statement. “We expect the initial core team of 15 experts to grow rapidly, with PwC in Belfast continuing to expand, exploit and deliver technology and digital solutions to global clients.”

However, several entities in the financial services industry still underestimate the potential of blockchain technology. The company said that its forthcoming Global Fintech survey polled 545 leading asset managers, FinTech businesses and key players in banks, fund transfer payment companies and insurers.  PwC estimates that survey results will show that only 9% of asset managers are very familiar and just under 3 in 10 are not at all familiar with blockchain.