Blockchain Assurance

Providing real-time, transaction level assurance to Blockchain technology

Blockchain is one of the more exciting—and more misunderstood—emerging technologies. It essentially offers a decentralized ledger of all transactions across a network. But for a technology to gain wider acceptance in the business community, promoters need to acknowledge and address the skeptics. Can you help stakeholders, including potential users, to trust it? We say yes – and blockchain assurance will help the technology make the transition from experimentation to broad acceptance.

What is blockchain and why should you care?

A blockchain is a decentralized ledger of transactions across a peer-to-peer network. It could offer Russian companies a more effective way to handle a whole range of transactions, with use cases like payments, e-voting, supply chain traceability, settlement, securities, trade finance, and more. Although blockchain technology is still maturing, one of the most significant issues involves assurance that it works, even more than details about how it works.

What’s causing concern for stakeholders?

Here are a few reasons why internal and external stakeholders might struggle with blockchain:

  • Blockchain is very new. The first implementation was less than a decade ago. Early adoption is always a hard call
  • Controls are new, too. This could lead to uncertainty around control implementation, access rights, and monitoring - can they be trusted
  • Technical expertise is rare. Even in IT departments, few firms have deep experience. It can be even harder to find in control functions.
  • Noise in the market relating to trust issues and hacking events have created uncertainty amongst potential users.

Despite the uncertainty, you can rest assured

To help move beyond the uncertainty, companies should consider steps such as:

  • Evaluating the business use case and needs of all stakeholders. 
  • Understanding the risks and providing transparency on the mitigation
  • Assessing the underlying cryptography.
  • Examining how their specific network has been set up, how reports are generated, and the controls that exist over the blockchain.
  • Performing ongoing reviews to assess the effects of any systemic changes.

The blockchain technology can bring an array of benefits to companies. However, this will require companies to assure stakeholders that blockchains have been set up effectively with appropriate reviews and controls.

Contact us

Alexei Okishev

Partner, Risk Assurance Leader, PwC Russia

Tel: +7 (495) 967 6000

Victor Morozov

Director, Risk Assurance, PwC Russia

Tel: +7 (903) 961 2665

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