NEW YORK Digital Asset Holdings LLC, a start-up specializing in the blockchain technology for the financial services industry, announced on Wednesday that it has entered into business relationships with Accenture, Broadridge and PricewaterhouseCoopers to ensure faster adoption of its product.
"These alliances will accelerate innovation, drive growth and broaden our reach in different segments across the world," said Blythe Masters, chief executive officer at Digital Asset holdings and a former JP Morgan investment banker.
The blockchain, the underlying technology behind bitcoin, is a digital tool for recording and verifying transactions. The technology makes it easier to create cost-efficient business networks without requiring central control.
The partnerships show how the financial services industry is exploring the potential of the blockchain. In 2015, there was an explosion of interest in the bitcoin technology as a way to solve inefficiencies in financial markets.
The blockchain is also referred to as a distributed ledger. Digital Asset Holdings, in its statement, referred to itself as a provider of distributed ledger technology.
Technology services provider Accenture will provide consulting and systems integration services - ranging from feasibility studies, business case assessments to operating model design - for clients through collaboration on blockchain-related work at global financial institutions, the statement said.
Broadridge will help identify, develop and drive adoption of business use cases of the blockchain, while PwC will help educate Digital Asset's clients on its technology.
"We believe that our partnership with Digital Asset and blockchain solutions demonstrates PwC's commitment to providing our global clients with what the markets are demanding," said Haskell S. Garfinkel, partner, FinTech co-leader at PwC.
"That is, commercially viable open sourced technologies that are based on trust, and solve the most complex problems businesses face at speeds and costs not yet imagined."
Two weeks ago, Goldman Sachs and IBM participated in Digital Asset's latest funding round. Digital Assets raised roughly $60 million.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bill Trott)