Trustless Technology within Trust-Based Systems; A Comparative Study of the Big Four’s Approach to Blockchain Adoption and its Future Prospects

Abstract

Technological developments and industrial adaptations are leading to a fundamental change in how industries and strategy function in the world today. Disruptive technologies are forcing us to reconsider the way we make decisions, and the models that were previously in place for delivering products and services. Blockchain in particular has demonstrated its ability to completely upend industry as we know it. Its main strengths lie in the fact that it is decentralized, unchangeable, anonymous and auditable. In this paper, we present a comparative study on the Big Four accounting firms’ approach to Blockchain development and adoption. We first give an overview of the blockchain technology and key characteristics of the blockchain and its applications. Furthermore, we discuss some existing approaches for blockchain development and application in the Big Four accounting firms and highlight the opportunities and future prospects of blockchain technology that can be utilized by the four professional services conglomerates.