Deloitte Announces New Blockchain Assessment Project

February 13, 2017         By: Mike Dautner

Deloitte has already earned the reputation of hosting blockchain technology offerings worldwide, which includes providing advisory services to building decentralized apps such as Dapps on multiple blockchain platforms for clients throughout various industries.

Deloitte has had a hand in significant strides in investing for growing and developing blockchain-centric capabilities to advise clients while they navigate their own blockchain transformations. This includes the opening of a brand new lab in New York earlier this month.

“As this technology evolves, it’s only a matter of time until our clients tell us they are moving portions of their business onto blockchain infrastructure, commented Will Bible, partner, Deloitte & Touche LLP. “Moreover, as a leader in delivering audits of the highest quality, we need to get ahead of the curve on quantifying and defining how an auditor could provide a level of assurance on a permissioned blockchain application, contributing to the trust and confidence in the network. For this project we tapped into the breadth and depth of experience within our multidisciplinary business model to collaborate across our audit, technology, and blockchain groups to pull together the experience needed to apply the lens of assurance on blockchain-based applications.”

“For the purposes of this project, we selected an internally-developed loyalty points blockchain application built by our Rubix by Deloitte team on a permissioned ethereum network as a test case,” said Iliana Oris Valiente,¬†Deloitte Canada, co-founder and strategy leader of the Rubix by Deloitte team. “Although each client engagement is unique from a technology and a business model perspective, there are many similarities among the processes in designing, building, and operating a blockchain-based product,” she added.

The good people at Deloitte simply added existing guidance from standards set to the permissioned blockchain app in order to evaluate the options and obstacles for the project on the whole. In addition, they developed a series of procedures that are geared to the nooks and crannies of the blockchain product.

Tim Davis, principal, Deloitte & Touche LLP, added, “Given the early stages of blockchain maturity, we recognize that many clients are in the development phases rather than in production. As this technology matures, participants of these blockchain solutions are going to need to understand the potential risks and be able to provide the proper assurance that the processing environment and data is managed in a well-controlled manner.