Understanding the Big Four’s Blockchain Moves

Last week, Deloitte dipped its toes into the blockchain pool with a shiny new mobile platform aimed at hosting small-scale blockchain networks. As their press release stated, it’s all based on client interest in seeing blockchain work live—kind of like bringing your virtual reality headset to a vigorous office meeting. But let’s be real, with the Big Four collectively pulling in over $148 billion last year, it’s no surprise they’re doing at least a little blockchain tango to keep up with trends.

A Patchwork of Interests

While all four firms have shown some swagger towards blockchain, their methods are as diverse as a buffet line at a wedding. Deloitte’s generally been the reflective type, studying blockchain’s market impact, while EY has whipped together tailored software solutions specifically for cryptocurrency enterprises. Think of them like the four horsemen of the audit apocalypse, each riding their own unique steed into the world of distributed ledger technology.

A Diverse Dance Floor

The nature of these firms keeps them curiously on the sidelines of full-fledged blockchain adoption. Cal Evans from Gresham International notes that their wide-ranging service offerings prevent them from diving deep into any single tech, like blockchain. It’s no wonder, considering they only jump in when clients show up asking questions—it’s like they operate on a need-to-know basis.

Job Market Reflections

In 2019, PwC was flexing the most muscle with 40 blockchain-related job postings, followed by EY with 17, and Deloitte trailing behind at 10. Fast forward to today, and while PwC still leads the pack, it’s become clear they only have a handful of positions still up for grabs—like finding a unicorn in the wild. Moreover, KPMG and Deloitte seem to have taken a backseat in the job market for blockchain talent recently.

Mining for Advantages

So what perks does blockchain have for these firms? Well, according to Maurizio Raffone from Finetiq Ltd., blockchain is shiny and new—an appealing addition to their consulting services toolbox. Meanwhile, Evans mentions that it could aid auditors by providing verifiable transaction ledgers, which could make the task as efficient as ordering pizza online. Imagine being able to audit everyone’s chocolate chip cookie purchases in real-time—dreamy, right?

Experts Weigh In

Juan M. Villaverde from Weiss Ratings believes, however, that the Big Four’s potential to up the adoption game is limited if they only swoop in on private blockchain initiatives. He posits that real breakthroughs happen only when the big boys dance with public blockchains like Ethereum. Without that, they’re just glorified database administrators—as exciting as watching paint dry.

Company Spotlights: The Big Four Breakdown

Here’s a snapshot of how each firm is navigating through the blockchain waters:

• PwC: Known for crypto market reports, consulting services, and even accepting Bitcoin as payment, PwC remains the most proactive of the quartet.
• EY: Offers a range of blockchain tools and software solutions and even made some headlines with their wine tracking application. Cheers to that!
• KPMG: With partnerships integrating blockchain in pharmaceuticals and telecom, they’re gradually making their mark.
• Deloitte: From being the first to establish a blockchain lab to launching impressive mobile platforms, they’ve consistently navigated the crypto landscape.

The Bottom Line: Should We Expect More?

Despite their interest, experts are skeptical about the depth of the Big Four’s understanding of blockchain. Evans points out lapses in knowledge that suggest they may be copying work without fully grasping it—like a high school student trying to pass off Wikipedia as their homework. Weiss Ratings’ Villaverde raises a prescient question: will the Big Four innovate, or do we have bigger, more nimble players ready to shuffle in and claim the tech throne?

Whether the Big Four fully embrace blockchain in their offerings or not, they’re undeniably keen observers of the crypto landscape, proving that even in finance, keeping an eye on trends is half the battle.