Web3 platform Chainlink Labs inks agreement with PwC

29 March 2023 Consultancy.eu 2 min. read
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Chainlink Labs, the developer of the Web3 services platform Chainlink, has struck a partnership with accounting and consulting firm PwC.

As part of their collaboration, the two companies aim to “help accelerate the enterprise adoption of blockchain technology,” said Dimitri Gross, a leader at PwC in Germany.

Headquartered in the United States, Chainlink Labs is provider of smart contracts on the blockchain. The firm develops smart contracts that can be applied to a range of sectors, notably financial services, but also foreign exchange, aviation, weather, and insurance.

According to recent research from PwC, the potential of such smart contracts is massive. In its ‘Time for Trust’ report, the firm’s experts highlight how blockchain has the potential to “transform the corporate world, economic processes, and society as a whole.”

“The potential for blockchains and smart contracts to transform global industries is significant. Nevertheless, technical obstacles such as inadequate secure connectivity between enterprise systems and blockchains and the lack of interoperability between different on-chain networks have historically hampered the adoption of enterprise blockchains.”

This is where the partnership comes in. “Chainlink, as the leading blockchain middleware in the Web3 ecosystem, simplifies blockchain technology for enterprises and enables them to fully realise its potential,” said Gross.

“We are excited to empower businesses with the knowledge, integrations, and solutions they need to seamlessly and securely interface with the growing blockchain economy.”

One of the offerings Chainlink Labs and PwC will also focus on is tokenization. This includes the tokenization of carbon credits, security tokens, and real estate.

Growing interest

The announcement comes against a backdrop of growing interest in blockchain and tokenization. In Singapore for instance, large institutions such as JP Morgan and DBS Bank are testing permissioned solutions on the public blockchain, with the oversight of the Monetary Authority of Singapore. Meanwhile, in the UAE, a range of banks are developing token-based offerings.

William Herkelrath, Business Development Director at Chainlink Labs, said the Web3company is excited to be working with PwC. “Our partnership will help enterprises securely connect their existing systems to blockchain networks.”

For PwC, the collaboration further expands its growing presence in the blockchain space. The firm already has developed all kinds of in-house blockchain solutions, including Blockchain Explorer and Transaction Analyzer, Smart Contract Formal Verification Framework, Tokenization Framework, Travel Rule Integration, and Digital Asset Valuation Model.