Pricewaterhouse Coopers (PwC), a famous accounting company, is testing a blockchain-based analytics tool for tracking tokens from launch.
Whom is it for?
First and foremost, for digital token issuers wishing to track their cryptocurrencies after launch. According to PwC, their tool will help companies to guard against the risk their tokens will be misused for money laundering and other crimes.
Why is it important?
While the number of ICOs is growing globally, and the amount of funds they’ve raised in 2018 so far is already over 50% of the 2017’s numbers, there are still little to none ways for the project owners to trace their coins and how they are used by owners.
PwC is also promising to help companies predict which jurisdictions the digital token could potentially be going to. The software could then apply a high risk score to a particular jurisdiction.
What can we learn from it
- As the tool is developed by PwC together with its Hong Kong forensic services partner, Eric Young, the company might be looking to capitalize on the migration of many Asian cryptocurrency companies to Hong Kong and Singapore.