Understanding Blockchain, Bitcoin and Cryptocurrency
Let's start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues. From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.”
PwC understands the implications of blockchain to the financial services industry and has developed a team of global subject matter experts with the capability to help our clients learn, understand and benefit from these transformative technologies.
The right combination of business and technology focus allows PwC to help our clients navigate this quickly changing landscape with a variety of tools.
Is blockchain the solution to your business challenge? Could it be the key to the big idea that moves your business to the next level?
We follow a four-step process. We assess your needs and determine whether blockchain can add value. Then we collaborate with you on a plan to meet those goals. We’ll be with you on the implementation journey to turn your plan into reality. And finally, we’ll be there after project delivery to support business change.
Companies have dabbled in the lab; perhaps they’ve built proofs of concept. Everyone is talking about blockchain, and no one wants to be left behind.
If you are interested to learn more about blockchain, bitcoin and cryptocurrencies, please fill the information below.
We will contact you to discuss about how PwC can help you utilise these new technologies.
Theo C Parperis
Partner, Head of Tax & Legal Services, PwC Cyprus
Director, International Private Clients, PwC Cyprus