'BIG FOUR' Accounting Firms to Trial Blockchain Platform for Auditing Listed Companies' Financial Reports by investprosper

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· @investprosper · (edited)
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'BIG FOUR' Accounting Firms to Trial Blockchain Platform for Auditing Listed Companies' Financial Reports
![Capture.JPG](https://cdn.steemitimages.com/DQmVUJzEFhwL1pohwwCAXCaScyouaDzizHWHeU2FRYAQyHz/Capture.JPG)
[**PHOTOSOURCE: COINDESK**](https://www.coindesk.com/all-big-four-auditors-trial-blockchain-platform-for-financial-reporting/)

The world's four biggest accounting firms- [**Deliotte,**](https://www2.deloitte.com/global/en.html) [**PwC,**](https://www.pwc.com/gx/en.html) [**E & Y**](https://www.ey.com/) and [**KPMG-**](https://home.kpmg.com/xx/en/home.html) are collaborating with a **consortium of 20 banks in Taiwan** to trial a blockchain platform for auditing the financial reports of listed companies, according to [**Coindesk.**](https://www.coindesk.com/all-big-four-auditors-trial-blockchain-platform-for-financial-reporting/)

The blockchain platform- developed by [**Taiwanese company Financial Information Service Co. (FISC)-**](http://www.fisc.com.tw/EN/ab-history.html) will store the transaction data of the listed companies, which is validated by the **20 banks.**

"The goal is to allow auditing firms to view the transactions through a traceable and tamper-proof chain of data in distributed manner, streamlining and automating the confirmation process," as stated on  [**Coindesk.**](https://www.coindesk.com/all-big-four-auditors-trial-blockchain-platform-for-financial-reporting/)

[**FISC**](http://www.fisc.com.tw/EN/ab-history.html) shared on [**Coindesk**](https://www.coindesk.com/all-big-four-auditors-trial-blockchain-platform-for-financial-reporting/) that the new blockchain platform will dramatically reduce the time needed to confirm the transaction data from **about 15 days to less than one day.**

The above is indeed great news for cryptocurrency enthusiasts. As blockchain technology gets integrated into various industries by prominent companies, it definitely bodes well for the **long term viability of blockchain currencies.**

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👍  , , , , ,
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