PwC has launched a blockchain team to explore the bitcoin technology

 
Clara Guibourg
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"As the blockchain juggernaut continues to gather pace, PwC will be well placed" (Source: Getty)

Professional services giant PwC is getting into blockchain, announcing a new team dedicated to exploring the hyped technology powering bitcoin, following soaring client demand.

“There is growing interest and a real demand from our clients to help understand the implications of blockchain and how to respond to it. So, as the blockchain juggernaut continues to gather pace, PwC will be well placed to service our clients’ needs at a global level,” said partner Steve Davies.

The firm has already recruited 15 specialists for the team, which will be based in Belfast and is poised to expand to 40 people by the end of the year.

The distributed ledger technology embraced by financial services has had a stellar week so far.

Yesterday, the IMF threw its weight behind both the blockchain and virtual currencies’ potential, and PwC’s move comes just days after a major report urged the British government to adopt the technology.

In the report, the UK’s chief scientific adviser Sir Mark Walport argued that the blockchain could be used for a range of public services, from tax collection to issuing passports.

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