One of the largest financial auditing firms in the business world, PwC, announced that they have a new auditing tool that can be used to track blockchain transactions. The new package would give businesses a more accurate and detailed record of all transactions occurring across a platform using this type of technology.
The “Halo Suite” has already become one of the most important auditing tools that businesses across the globe have employed. Now with this new addition to the program, it will assist businesses in keeping better records related to cryptocurrency transactions across blockchain networks.
According to a release by PwC, the Halo program will offer two essential pieces that will make it invaluable for those involved in digital currency transactions. The first of these is that it will ensure that there is an independent and confirmed paper trail that proves that there was a private key and public address pairing that occurred prior to and during the transaction itself. This will ensure that hackers will not be able to disrupt or create a fake connection.
In addition, the program will continue to monitor all traffic that is occurring along with the blockchain while the transaction is occurring. This will help to provide continued evidence that the transaction was a lawful one and will provide up-to-date balances that give real-time information.
PwC is one of the most respected auditing firms in the world. They are considered one of the Big Four when it comes to the services. The Halo program had already been employed for use with several of the most common cryptocurrencies, including bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, Ripple, and ERC20, but with the use of this new technology, they will be able to directly monitor transactions as they occur.
The new technology is being well received because of the reputation that PwC has established. Several of the largest companies and organizations across the globe already employ their services, and they have been successful in discovering a number of potential and real attempts to hack or defraud systems. For example, in March they were able to track a ransomware program that was attempting to attack the WEX crypto exchange.
Explains James Chalmers, the global assurance leader at PwC, “It is important as companies continue to digitize we, as auditors, keep up with technology changes in the market, continue to develop audit tools that meet the needs of emerging technologies.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.