PwC Reveals Blockchain Analytics Tool Designed For Tracking ICO Tokens

A major accounting firm, Pricewaterhouse Coopers (PwC), has declared that it is at present trialing a blockchain investigation apparatus intended to exchange computerized tokens from dispatch. PwC has expressed that the product will help organizations in guarding against the abuse of their tokens for illicit purposes.

PwC and its Hong Kong legal administrations accomplice, Eric Young, have shown that the organization tries to underwrite a developing enthusiasm for raising assets through initial coin offerings (ICOs) among organizations in Asia’s assembling, innovation, and retail parts.

Analysts have derived that PwC would like to gain by the relocation of numerous Asian cryptocurrency organizations to Hong Kong and Singapore – owing the particular purviews’ absence of restrictive controls with respect to ICOs in the midst of China’s increasing cryptocurrency crackdown.

Mr. Young has expressed that the new analytics tool will enable token backers to track the flow of a cryptocurrency once propelled, enabling the organization to take measures to keep its utilization in illicit exchanges. “While on the blockchain ledger one could track the amount of transactions that have been done using the cryptocurrencies, there is still no way for an issuer of an ICO to trace its coins and know how these coins are being used,” said Mr. Young.

“With artificial intelligence built into our back engine, our solutions would enable clients to better predict which jurisdictions the digital token could potentially be circulated to. Depending on the type of company and the type of business it is engaged in, it could then apply a high-risk score to that particular jurisdiction,” he included.

Lately, PwC has worked close by organizations looking to dispatch ICOs through helping with lawful contemplations, for example, know-your-customer a hostile to tax evasion measures, notwithstanding backing and direction in suits, and prompt in regards to assess organizing.

In November of a year ago, PwC’s Hong Kong Office uncovered that it had acknowledged bitcoin in return for consultancy administrations.