As momentum continues to build for mainstream adoption of blockchain tech, PwC and Blockstream recently announced a strategic partnership to “bring blockchain technology and services to companies around the world.”
This partnership comes on the heels the close of a big round from Digital Asset Holdings and a noteworthy announcement of further exploration and excitement of the technology within the context of greater fintech from Goldman Sachs. The circuit of acquisition of blockchain tech has been completed. Not only is the interest in utilizing blockchain present, but now the agents of delivery (large consultancies such as PwC) are actively signing on. We are only in the second month of 2016, and it is shaping up to be quite a year.
PwCLast year PwC did some exploration and delivered a couple of interesting opinions on the role of blockchain within regulation. Earlier this year PwC assembled a crack team in an effort to “exploit and commercialize” the burgeoning commercial ledger tech. This partnership should come as no surprise.
Now with Blockstream in the mix, PwC has access to a deep bench of knowledge. This will be necessary as the PwC client base explores usage and deployment of the blockchain.
Haskell S. Garfinkel, Partner, FinTech Co-Leader, PwC said:
For our clients, understanding new world applications of Bitcoin and blockchain technology, adapting it for myriad uses, and using it optimally are critical to improving financial security, efficiency and compliance.
He elaborates in the decision to team with Blockstream saying, “PwC is teaming with Blockstream to offer our joint knowledge and capabilities to clients – giving them one place to go, maximizing expertise, talent, and assets from both organizations.”
PwC has already begun to introduce the technology to key clients in “in the US, Europe and Asia, which are exploring a number of financial and non-financial use cases for blockchains.” According to Blockstream’s Alex Fowler, SVP of Business Affairs, “This complements the Bitcoin exchanges working with us on our first commercial sidechain, called Liquid, which has been a way for us to support an industry already deep into this technology.” Recall that Liquid was the first sidechain for Bitcoin exchanges announced by Blockstream in the Q4 of last year.
Mr. Fowler added:
PwC opens the door for Blockstream to bring new capabilities to established industry sectors and companies just starting to explore the opportunities presented by the advent of blockchains.
All in all this a solid move for PwC. How do you bridge the process of quickly uploading a technology, that for many years, has gone unnoticed commercially? Involve some true technologists of course. (Fun fact: Did you know some of the same investors involved with Blockstream have also invested in Ripple?) It’s a small world.
In short, this is a great move for PwC as I am certain that in their diligence their customers have been asking for introductions to groups that help them with “this blockchain thing.” And as for Blockstream, they just had a massive new world opened up to them.
Expect many more announcements like this in the short term. What will be of interest is to see how the execution unfolds. At this point, the adoption of blockchain commercially is a footrace to the goldmine.
Featured image from Shutterstock.
Last modified: May 21, 2020 10:34 AM UTC