PwC has taken a service provider for the revolutionary blockchain technology into its programme for encouraging such disruptive ventures.

A Singapore-incorporated service provider for blockchain, the platform used most famously by digital currency bitcoin, has become a portfolio company of PricewaterhouseCooper’s incubation programme.

VeChain uses blockchain technology to protect client brands and products by building a transparent supply chain that allows products to be traced and verified, PwC said in a statement yesterday.

Distributed ledger technology, or blockchain technology, is a virtual distributed ledger of transactions shared peer-to-peer that can record ownership across a public network of computers rendered tamper-proof by advanced cryptography. The technology is seen as having uses that go far beyond financial transactions to areas including transfer of legal agreements, for example. The technology is causing a stir within the financial services sector as its supporters believe it could reduce hidden expenses in the financial system by ousting inefficiencies across areas such as payments, syndicated loans and equity clearing. This news service recently interviewed a senior fintech industry figure about the implications of blockchain technology for private banking and wealth management (see here).

PwC said its incubation programme will help VeChain to accelerate its development, by providing the company with access to the Hong Kong and South East Asia markets and strategic advice leveraging on PwC global network.

A signing ceremony has been held today in Hong Kong by Raymund Chao, PwC Greater China chairman, and DJ Qian, co-Founder and CEO of BitSE and VeChain. A signing ceremony will also be held in Singapore on 17 May, with Yeoh Oon Jin, PwC Singapore’s Executive Chairman and DJ Qian.