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Big Four auditing firms have always had their eyes on Blockchain/Cryptocurrency avenues.
Ernst & Young acquired technology assets and related patents of the Crypto-Asset Accounting and Tax (CAAT), the technology developed by Elevated Consciousness. It is reported that CAAT would enable its members firms of the accounting giant as well as their clients to better assess the risk associated with the reporting of taxable income for crypto assets. EY reckons a significant growth in the number of clients owning crypto assets.
Yet another Netherland-based renowned auditing firm among ‘Big Four’, ‘KPMG’published a bullish report on cryptocurrency where it recites crypto-assets bullishness with institutionalization, wherein it claims that institutional investors should enter in the crypto-industry to “realize its potential.”
For now, Deloitte announced the release of its "Blockchain in a Box," which is a mobile platform for hosting experiments of business applications of distributed ledger technology.
Deloitte conducted a survey between February and March 2019, Deloitte helps clients explore every aspect of blockchain and build tailored solutions designed to deliver value.
Only 23% of the businesses polled for the deployment of a blockchain component in their business operations in 2019, compared to 34% the previous year. Nevertheless, 53% of those polled agreed that blockchain will be critically important to their organization— a 10% rise over the previous year, as per the inferences of the survey.
There was a paradigm shift from “blockchain tourism” and exploration toward the building of practical business applications. Financial services and, more specifically, the financial technology (fintech) sector were leading in blockchain development, while other industries were cautious in their search for use cases to provide a return on investment to justify the cost and effort of implementing blockchain solutions.
Deloitte wants its Blockchain in a Box to make it flexible and easier for developers to quickly prototype, demonstrate, and share projects.