PwC Hong Kong and PwC Singapore have entered into a joint business relationship with VeChain Global Technology, with each organization acquiring a small ownership interest in VeChain, according to the PricewaterhouseCoopers website.
The purpose of the partnership is to utilize VeChain’s trust-based services in accessing and performing transactions on the platform. According to PwC Asia Pacific and Greater China Chairman, Raymund Chao, this strategic collaboration will result in innovative professional services, using blockchain techbology. He stated, “We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”
VeChain claims to be the world’s leading blockchain platform for products and information. Although Distributed Ledger Technology (DLT) is a trustless system, it is this very attribute that creates trust within its end users. In this way, VeChain leverages blockchain technology to build a trust-free, distributed and scalable business ecosystem. The company has a team of over 50 developers, and has implemented blockchain solutions across a number of industries including luxury goods, liquor and agriculture. In partnering with PwC, VeChain has expanded their reach to include audits and assurances, including accounting advisory services, capital markets, cybersecurity and privacy, mergers and acquisitions, analytics, forensics and many other services provided by the professional services powerhouse.
PwC is at the forefront when it comes to integrating emerging technologies into its product offerings. Besides this move into blockchain technology, PwC is also using Virtual Reality technology to scope out a sustainable future. Their journey into VR includes a system dubbed “Amy,” or A.M.i. as a benevolent guide through a futuristic, virtual city that contains self-driving cars, robots, personalized advertising and 3D printed buildings. All of these technologies are available today, just not to the scale that the Amy system lays out.
In this future, virtual world, Amy also imagines that cyber-attacks are on the rise, as they have been in the real world. This is the very thing that demands some of the security, privacy and immutable functionality that DLT provides. It is very possible that this discovery of potential future needs through the use of VR technology is what led to the realization that the firm should partner with a blockchain technology company like VeChain.
One of the primary benefits to the selection of VeChain by PwC, among the variety of options in blockchain companies, is its usability in the world of IoT and supply chain. Its cold-chain logistics solution already uses proprietary IoT devices to track metrics throughout the entire supply chain, resulting in a transparent, regulated, secure and reliable system, according to the VeChain Foundation. Other options are available in the IoT space, such as IOTA, which recently partnered with top automobile manufacturers. However, other options do not appear to focus on the supply-chain side of the business, giving VeChain more flexibility in certain real-world scenarios.
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