CBI member PwC announced that PwC China had signed a formal alliance with BitSE, a Shanghai-based blockchain start-up. Together, the two firms plan to leverage their respective strengths to bring blockchain technology to the China market through one-stop solutions.
Blockchain, or “distributed ledger”, technology has been used for a number of years but rose to prominence along with the explosive rise of Bitcoin in 2013. Blockchain is the technology behind Bitcoin and other virtual currencies. Its distributed ledger technology enables secure transactions between two parties without the need of an intermediary, such as a bank. PwC and BitSE are working closely with several local financial institutions to explore and develop plans to implement blockchain applications in the near future.
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