PwC Partners With Blockchain Startup Blockstream

PricewaterhouseCoopers (PwC), one of the “Big four” companies, is collaborating with blockchain-based startup company Blockstream, in a move to bring blockchain technology and services to companies around the world.

“The rapid pace of innovation in cryptocurrencies, distributed ledgers, and smart contract technology is driving organizations to transform their operations. PwC exemplifies the type of partner that will help us deliver the promise of this cutting edge technology”, said Alex Fowler, SVP, Business Affairs at Blockstream, in a blog post.

In October 2015, Blockstream introduced Liquid - an interoperable sidechain that extends the Bitcoin blockchain while adding auditable, cryptographically-strong commercial privacy. It leverages the reliability and security of the Bitcoin network without the need to trust a centralized third party and establishes a better security profile as compare to the existing methods of rapid transfer and settlement, thereby improving capital efficiency and market liquidity.

The partnership aims to help companies assess cryptocurrencies and blockchain technologies and explore new uses for the Bitcoin protocol. Together, PwC and Blockstream will help clients by collaborating on existing solutions and developing offerings to enable companies to meet new competition, adapt to disruptive market forces and lead innovation.

"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", said Haskell S. Garfinkel, Partner, FinTech Co-Leader, PwC.

PwC has already started to introduce Blockstream's technology to companies in the US, Europe and Asia, which are exploring a number of financial and non-financial use cases for blockchains.

"As we kick off 2016, we'll be working with Blockstream across our practice areas to bring joint expertise, thought leadership, training, pilots and full-scale implementations to market”, said Dean Nicolacakis, Principal, FinTech Co-Leader, PwC.

PwC recently announced the appointment of a new team comprising of 15 leading technology experts who will explore and commercialise blockchain. Also, it has appointed Eris Industries, which builds software that allows anyone to develop their own secure, low-cost, run-anywhere applications using blockchain and smart contract technology, as strategic partner in its blockchain solutions portfolio.

"As we wrote several months ago, Blockchain technology has the potential to open the door to revolutionary possibilities in multiple industries," said Nicolacakis.