Gathering of Industry Titans
The four major accounting firms, affectionately known as the ‘Big Four’, are gearing up to interface with the American Institute of Certified Public Accountants (AICPA). Their mission? To investigate the establishment of a distributed ledger consortium that could revolutionize the accounting industry, much like how the R3 Consortium aims to innovate the financial sector.
Following R3’s Footsteps
R3, boasting over 15 consortium member banks, has recently completed two successful prototypes leveraging distributed ledger technology (DLT) for the global trade finance sector. This step has showcased how smart contracts on the Corda platform can tackle critical issues in a market valued at $45 billion. These prototypes highlighted the effectiveness of accounts receivable (AR) and letters of credit (LOC) transactions, making a strong case for DLT’s capabilities.
The Big Ambitions of the ‘Big Four’
By embracing blockchain technology, the ‘Big Four’ firms—Deloitte, Ernst & Young, KPMG, and PwC—aim to enhance their operational efficiency across their vast networks. With a presence in over 150 countries and a workforce exceeding 710,000, these firms collectively reported more than $123 billion in revenue in 2015. This financial powerhouse is set to broaden its array of services.
Disruption on the Horizon
Diving into DLT may signify a significant transition for these companies, who have previously flirted with artificial intelligence solutions. KPMG’s recent partnership with IBM’s
