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PwC acquires shares in VeChain, seeks to integrate systems

The Hong Kong and Singapore PwC companies made an announcement this week that they are implementing technology from blockchain startup VeChain on their platform in a joint partnership, after having acquired shares in the startup.

The Hong Kong and Singapore arms of PriceWaterhouseCoopers (PwC), an international consultancy corporation, announced this week that they are partnering with blockchain startup VeChain.

The companies made the announcement in a press release on PwC Hong Kong’s website saying that they are “delighted to announce” the new joint partnership which has seen both PwC Hong Kong and PwC Singapore each take a small piece of the ownership interest pie in VeChain.

VeChain is a company focused on providing anti-counterfeiting, supply chain management, and the Internet of Things (IOT) services – this is which the interconnection of computing devices is as a network created in order to send and receive data via the Internet. Vechain works the services along the blockchain and PwC intends to merge the VeChain platform into its own framework. This implementation will need to use VeChain

This implementation will need to use VeChain cryptocurrency coins as a means to access and perform certain necessary transactions. The system PwC is adopting from ‎VeChain has designs which apply the IoT technology created to work to create private keys for each product listed which enables tracking them all the way through the shipping process.

The company explains how the deal will look, saying that “PwC Hong Kong is now in discussions with VeChain to provide trust based services on the VeChain platform. This will require the use of VeChain Tokens to access and perform transactions on the platform.”

PwC Chairman Raymund Chao believes that this move is a strategic one which will bring in a fresh sense of creativity through the innovative professional services using the blockchain technology.

Excited at the prospect, Chao says that they “are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society”.