Financing through PWC towards the new economy, blockchain that contributes.
Times change very quickly, the media has to see a lot, but especially events that can no longer be hidden, since the irruption of the Cryptocurrency, with the creation of Bitcoin and blockchain, which has taken a space, came to stay, The first steps were made in the shade, there was much skepticism, but as culture and education spread the users who ultimately are the ones who approve these digital coins, today is very different situation.
For this reason, speaking boldly, and publicly, about a possible future enabled by bitcoin, ether and cryptocurrencies is suddenly very much in vogue. In other words, fear and uncertainty have changed because of the trust of the community that understands what it is about.
After years of being taboo, the word is apparently on the lips of top executives and global financial institutions are no longer afraid to say, at least that was seen in the conversation held at a conference held yesterday and transmitted by the source of News New York-based American Banker that gives a good indication.
Therefore, to help launch the fourth annual publication of the event called “Blockchains + Digital Currencies”, a PwC director went so far as to give a detailed view of the take and importance of professional service in The future of blockchain, in the process of adding senior executives on blockchain public applications.
Addressing a group of some 300 bankers and technologists, Grainne McNamara said: “A new decentralized system has been made possible with cryptocurrencies, this process could be much simpler by eliminating layers of brokering, it could help secure and take less risk And, can move in different ways, will open the possibility of new and different financial products.
In this sense, contrary to the current financial system that McNamara described as “very complex,” she argued that an economy fueled by cryptocurrencies would reduce the entry barrier for those currently excluded, and as a result, global competition for these customers will increase.
As is always remembered there is a precedent past, in the case of PwC, however, that great vision is more than just talking there are concrete facts. In fact, the divisions of the company have already been among the most active in embracing the possibilities of public blockchain, if not, always so openly in the media.
Last year, for example, McNamara approached a regulatory room in Washington, DC, about the potential merits of cryptocurrencies when his company revealed the Project Vulcan in an effort to facilitate the use of more open versions of emerging technology .
In this way, McNamara used his place on stage to argue that such blockchain applications could positively impact industries beyond finance, including entertainment, which could lead to widespread payment of artists with cryptocurrencies at the time That his art is downloaded, in the production of new contents.
In her conclusion, she as director of PwC also revealed her firm’s forecast for the growth of the blockchain industry over the next few years. This included publishing predictions that traditional financial firms will come up with ideas for piloting in 2017 and 2018, while regulators prepare the basis for their own industry controls.
However, she painted or imagined the developments in the world of cryptocurrencies as a complement to this future. McNamara said the following, “I think the continued development of cryptocurrencies will be good for the economy”.
Another thing that can be glimpsed is, smart contracts for people. On the other hand, the panels looked at what really means that blockchain solutions will be ready “ready-ready,” and how smart contracts can one day affect the lives of real consumers rather than back-office employees.
During a question and answer session with audience members, McNamara acknowledged that the impact of smart contracts on global finance was particularly personal as it could have a potential impact on the role of auditors, including PwC.
As such, he said that PwC is now looking more closely at using technology to analyze the impact of a shared and reliable record of transactions on its business.
McNamara concluded, “I hope that will reduce the cost of transactions for participants, because possibly for things that are standard and uniformly applicable, we should have a more distributed and arguably more accessible framework”.
In short blockchain technology and bitcoin already has a very well earned position in the finance industry now other companies are seeing that it is possible to lower costs, likewise the way of employment is changing, part of the office can be taken home to that Employee, creative with potential for disruption in technology. New ads are expected.
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