PricewaterhouseCoopers (PWC), a multinational audit & consulting firm with over 220,000 employees and $36 billion annual revenue has acquired a minority stake in the Chinese Startup ‘VeChain’. In an official statement, PWC announced that PWC Hongkong and PWC Singapore have each acquired a small ownership in Vechain Global Technology Holding Ltd, a Blockchain based anti-counterfeit and supply chain startup out of China.
On the eve of announcement, the chairman of PWC Asia Pacific & Greater China said that,
“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”
VeChain is a subsidiary of Chinese Blockchain technology company BitSE, which was launched in November 2016 to create, manage and update shared data about products in the supply chain. VeChain provides blockchain services and has specialized in anti-counterfeiting, Internet of Things (IoT) and Supply Chain Management. For PWC this is a strategic partnership because it has invested in VeChain mainly to utilize IoT network of VeChain to assist large scale businesses. Additionally, investment will provide PWC, VeChain’s trust-based services through its platform, which will require the use of VeChain Tokens to access and perform transactions. VeChain’s system is designed to apply IoT technology to create private keys for each product, making it possible to trace them throughout the distribution process.
Moreover, VeChain’s platform has already been adopted by several established companies as part of their production system across various industries. Therefore, PWC plans to integrate the VeChain’s platform with PWC Infrastructure.
PwC is one of the largest corporations in the world who are called as “Big Four” when it comes to accounting & tax along with KPMG, KPY and Deloitte. Post the announcement, price of VeChain’s token ’VEN’ has seen lot of volatility and is moving on both sides. This clearly indicates that PWC’s investment has brought lot of attention to VeChain. Given the long term partnership with PWC, we can expect extensive utilization of VEN as a major IOT Blockchain protocol and token. Among the Big Four, KPMG is the other organization which adopted Blockchain.