Bad Crypto Reports Making Clients ‘Nervous’ Says Deloitte Blockchain Chief

Deloitte Blockchain Chief, Linda Pawczuk, describes the conversations she has these days with board members and executives of companies in this content. Pawczuk’s team is focused on helping long serving global enterprises learn how to use the DLT (distributed ledger technology) to change their paper-based enterprises in line with the digital age.

However, these clients have been inquiring about the wilder side of the Blockchain protocol they have read in the news. For example some ICOs have incurred the wrath of the SEC or the illegal uses of cryptocurrencies.

Pawczuk added that her team sometimes see ICOs as a “donor market,” because investors won’t get their money back. While it is ideal for federal regulatory bodies to crack down illegal activities she believes this is making clients nervous.

Why is DLT an Olympic Champion?

Pawczuk, in a wide-ranging interview, shared her perspective about what type of consortiums will work best in ensuring that enterprises adopt this technology. That is DLT (distributed ledger technology). why she’s queasy regarding vendors offering proofs-of-concept for free; Deloitte isn’t pursuing any project in the stablecoin sector. She spends her time working with “digital shift” companies that is businesses that have been in existence for hundreds of years, but grew up based on the traditional process patterns and chose to migrate to completely distributed technologies.

To draw these enterprises to DLT, the Deloitte Chief believes it is ideal to adopt a consortium that is renowned as a neutral entity, as opposed to one formed specifically to design and bootleg a technical forum. A consortium shouldn’t have main interest like gaining only profits.

What She Has To Say About the Free Proofs of Concept

Pawczuk is skeptical about what some enterprise blockchain vendors practice of creating proofs of concept free of charge. Rather, the requirements of the business should be what determines the technology. Regarding the recent trend of making cryptocurrencies designed to maintain work hand in hand with fiat, Pawczuk said her company isn’t doing any work in that area for now. She sounded uninterested in even pursuing it in the future.

When asked that aren’t digital coins an opportunity for startups whose major competency is auditing, considering the fact that these assets are backed by fiat bank accounts and investors would need reassurances that their money is there? Pacwczuk said it’s too soon to go there with only very little regulatory clarity.

Public and Private Sectors

Despite the fact that Deloitte isn’t pursuing a stablecoin project, that does not mean its core business has steered clear of crypto. The startup is reportedly doing SOC (system and organization controls) audits for several crypto custody solutions. While Deloitte’s blockchain consulting involves permissioned blockchains, as opposed to the open chain that powers cryptocurrencies, Pawczuk believes that industries will require a hybrid of both. This structure will only function appropriately if such systems can talk to one another.

Recently, Accenture, announced its “interoperability node”, designed to link the main enterprise blockchains including R3 Corda; Hyperledger Fabric; Quorum. This node is developed by JPMorgan Chase; and Digital Asset. However, Deloitte has staked its blockchain interoperability claim, by linking trade finance blockchain data, which was demonstrated in May at Consensus this year.

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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