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PwC partners with blockchain technology company

PwC partners with blockchain technology company

Will leverage Blockstream's sidechains

Global consulting firm, PwC, is partnering with Blockstream to help organisations worldwide deploy blockchain technology.

A blockchain is a distributed ledger that records transactions in about 10-minute batches and securely puts them into a hash, which allows for global peer-to-peer payments over the Internet. It is what underpins decentralised, digital currency Bitcoin.

Blockstream develops its own sidechains, which extends the Bitcoin blockchain and are interoperable. In December 2015, it launched Liquid, its first production sidechain that improves on the Bitcoin blockhain by reducing interchange settlement lag (ISL) or liquidity inefficiencies in conformation times.

“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,” Haskell Garfinkel, partner and FinTech co-leader at PwC, said in a statement.

Dean Nicolacakis, principal, FinTech co-leader at PwC, said in a statement that PwC is interested in blockchain technology for clients as it can be applied across many industries, and used for non-financial purposes.

“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,” he said.

PwC has started to work with clients in US, Europe and Asia on using Blockstream’s technology.

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Tags sidechainsfintechcryptocurrencyBlockchainPwCBitcoin

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