The four major accounting firms in the world , intend to meet with the American Institute of certified public accountants for a discussion on creating a distributed front consortium.
Known as the "Big four", Deloitte , Ernst & Young, KPMG and PwC will look at the various Blockchain solutions for the accounting sector as well as a consortium of R3 - which has more than 50 members - did the financial sector.
R3 seem to set the trend
R3 and more than 15 member banks of the consortium has recently successfully completed two prototypes that demonstrate how the distributed Ledger technology can solve the major challenges facing the global trade Finance industry $ 45 billion. They used the smart contracts in the Corda distributed front platform R3 for processing accounts receivable (AR), purchase and the letter of credit (LOC) transactions.
The R3 consortium operates based on the philosophy that the distributed Ledger technology has potential to change financial services as deeply as the Internet has changed media and entertainment.
Big ambitions of the "Big four"
Embracing this technology will allow the big four to improve their performance especially since they all have presence in more than 150 countries and between them control over 710,000 empoyees. Their combined global revenue for 2015 was more than $ 123 billion.
These firms provide a range of accounting and auditing services including external audit, taxation services, management and business Advisory, risk assessment and control. Technology will help in their design and production.
Look into the use of distributed Ledger technology on a large scale may be a shift to these "Big four" audit firms, as some of them used to look in the field of artificial intelligence.
Kira Watson and Jeopardy!
Earlier this year, KPMG announced that it was prior to the signing of the IBM's " Jeopardy! "Service intelligence to help with its audit requirements - then Watson for the analysis and detection of anomalies in massive volumes of financial data.
Deloitte has deployed artificial intelligence contract analysis tool, Kira , studying that it is important for experts to review the contracts , and then identificeret important information in larger basins agreements.
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