Audit, tax compliance consulting firm Crowe Erastus & Co parent firm Crowe Horwath International is banking on blockchain technology to sharpen its competitive edge.
The firm, which has rebranded to Crowe Global, says the adoption of the new technology is aimed at stimulating customer experience and ensuring integrity of transactions. It said if well utilised, blockchain technology (BT) can promote Kenya’s economic competitiveness on the global stage.
Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial deals but virtually everything of value.
Since 2017 the technology has gained momentum in Kenyan private and public sphere spanning security, transport, health, insurance and motor vehicle sectors. However, the BT market in Kenya remains largely untapped, giving it a high growth potential as only four entities have set up cryptocurrency exchanges in Nairobi.
Early this year, the Central Bank of Kenya cautioned the market on BT because there is no legal entity to regulate it. Crowe, however, says it has capacity to provide guidance and consultancy services to businesses that want to invest in BT and cryptocurrency.
“… we are all set to advise on such issues. There are many ways of looking at cryptocurrency,” said Donald Odera, managing partner, international liaison and advisory at Crowe Erastus & Co in Nairobi. Mr Odera spoke at a Nairobi hotel during the launch of Crowe’s new business strategy and name change.
He said BT and the cryptocurrency will restore transparency and accountability in budgets in both public and private sectors. “We have entered into partnerships to enable us to serve both users and suppliers of cryptocurrencies. This is the right time for Kenya to be ahead in that,” said Mr Odera.
“When combined, companies can achieve more without the use of human beings, unlike the overreliance on computers which require human beings in order to get information.”
The firm’s services portfolio includes infrastructure consulting, BT consulting, online risk management, and integrated and sustainability reporting.
The firm said with the advent of BT, some professions will be compelled to refine the way that they do things.
“Bankers will be affected as banking will no longer be through the conventional banking system, and the control will not be centralised. Professionals like accountants, auditors and lawyers will have to modify the way they work,” Mr Odera said.
Erastus Kwaka Omolo, managing partner at Crowe Erastus &Co said disruptive technologies such as BT will spring up opportunities for new businesses.
“Blockchain technology will open up new avenues to create wealth. There will have to be realignments as realities sink in,” he said.
The success of BT has been witnessed in Holland, where it has increased chances for new revenue streams.
“Due to its transparency, BT enhances accountability and prudence in management of resources, and is likely to assist both the national and county governments to minimise corruption,” Mr Odera noted.