Blockchain technology developer Digital Asset Holdings has revealed new ‘strategic business relationships’ with consulting and technology services firm Accenture, financial services firm Broadridge and one of the ‘Big Four’ in auditing and services network PricewaterhouseCoopers (PwC).
In a press release today, New York-based blockchain technology startup Digital Asset has announced the formation of three “non-exclusive business relationships” with Accenture, Broadridge and PwC.
The Blythe Masters-led startup will help the three firms harness the potential and promise of blockchain, the distributed ledger technology that underpins Bitcoin.
In providing blockchain technology and solutions to the three firms and their clients, Digital Asset will push towards the faster adoption and scalability of the innovation with the aim of increased efficiency and lowered costs.
In a statement, CEO Blythe Masters said:
These alliances will accelerate innovation, drive growth and broaden our reach in different segments across the world.
The announcement from Digital Asset coincides with one by Accenture today, wherein the world’s leading independent consulting firm is launching a specialized blockchain practice within its financial services group. The new endeavor will help Accenture’s clients to implement distributed ledger technology among their operations, with the firm’s alliance with Digital Asset proving to be key.
The partnership will see the two firms collaborate to provide blockchain solutions for banks, brokerages and infrastructure providers who have partnered with Accenture as their preferred systems integrator. As things stand, Accenture services 42 of the top 50 financial institutions globally, making its blockchain endeavor a significant one to the technology that powers Bitcoin.
Speaking about the partnership, Owen Jelf, managing director of Accenture’s global capital markets practice said:
Blockchain-enabled technologies are poised to bring huge benefits to the financial services sector over the next decade. By forming this practice, we can help the industry unlock scalable and transformative uses of this innovative technology.
Accenture is also one among 15 global firms that became investors in Digital Asset in a recent funding round that scaled beyond $60 million.
In an interview with the Financial Times, Accenture financial services chief executive Richard Lumb revealed the immediate need for the industry to improve on profitability, with blockchain solutions seemingly holding the answers.
Investment banks are spending about $100 billion a year on technology, and the blockchain could take out about 10 to 20 percent of that. When you look at an industry that is down to its knees in terms of profitability, the blockchain offers some really valuable answers.
Furthermore, he added:
There is a market forming around the blockchain, and we don’t want to be left behind in that race.
With a global connectivity and network of 150 capital markets clients, Broadridge is already vested in post-trade managed services, infrastructure and cybersecurity capabilities. The new relationship with Digital Asset will enable the firm to deliver distributed ledger solutions to existing post-trade services.
Furthermore, the expertise and domain of Broadridge will help identify, develop and drive adoption of business use cases that could benefit from distributed ledger technology.
Vijay Mayadas, senior vice president and global head of strategy at Broadridge Financial Solutions stated:
[The partnership will] deliver post-trade solutions for top global banks across 70 countries [and] will accelerate our shared mission to advance efficiency, security and compliance across the global Capital Markets.
PwC’s Blockchain Binge
Global services behemoth PricewaterhouseCoopers has decidedly been bullish on blockchain technology in recent times. The services firm announced a crack team of leading technology specialists around the world to ‘exploit and commercialize’ blockchain technology in January. Soon after, PwC and Blockstream – a startup comprising of Bitcoin core developers, announced a relationship to help “bring blockchain technologies and services to companies around the world.”
With its latest partnership, PwC will see Digital Asset focus on the former’s newly released Blockchain Portfolio. The aim is to educate PwC’s clients globally about Digital Asset’s distributed ledger solutions. The tie-up will bring ‘discrete services’ offered by PwC toward its clients in order to execute proof of concept engagements.
Noting that blockchain solutions are what’s being demanded by global markets, Haskell S. Garfinkel, a FinTech Co-Leader at PwC added:
That is, commercially viable open sourced technologies that are based on trust, and solve the most complex problems businesses face at speeds and costs not yet imagined.
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