The world's largest auditing firms - Deloitte, EY, KPMG and PwC, known as the "Big Four", will join Taiwanese banks and use blockchain to check interim financial statements of the companies.
The blockchain solution will carry out external confirmations. Information about the authenticity of financial transactions with third parties will be transferred to blockchain, where banks will act as validators.
This means that the “Big Four” will be able to view transactions through a distributed network that is monitored and protected from unauthorized access.
WHY IS IT IMPORTANT?
Developer of the blockchain-platform, Financial Information Service Co. (FISC) believes that the new technology will shorten the time of data confirmation from 15 days to 1 day.
In case of successful testing, audit through blockchain system will be available to 1,400 companies from Taiwan. The creation of the new platform aims to update financial technologies on the island.
By Ekaterina Ulyanova