Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a network for multinational professional services. It is one of the "Big Four" accounting organizations in the world.
Deloitte is experimenting with Bitcoin among its team to see its utility wherein its staff can pay for lunch in Bitcoin. As Bitcoin has paved its way for high acceptance all over the world, now Deloitte seems to be interested to go ahead and spot the outcome. By using a simple mobile app, the employees can pay the bill through bitcoin, but it is yet to see how far this may go!
A partner of Strategy Regulatory & Corporate Finance at the advisory arm of the company, Laurent Collet said "We think it's good to have our employees assess this new technology"
Deloitte eager to use Blockchain to process transactions
The firm has given a clear cut confirmation that Deloitte is not supporting micro-payments and it is not promoting Bitcoin among the clients to purchase its services. Deloitte's main goal is to make use of Blockchain, to process transactions related to its fund management services. Henceforth, the audit giant could make better use of cryptocurrency, with its transparent ledger.
Use of Bitcoin could make the staff pretty hangry
Micro-payments such as buying lunch or coffee through Bitcoin is sometimes slow and Bitcoin is denounced due to that reason. Bitcoin transactions are quite long as it has to be confirmed six times by the community to be considered as "finalized." For the long haul, it takes six blocks deep in the blockchain to claim those transactions. Henceforth, it may be annoying for the Deloitte staff to carry on such a lengthy process, especially when they are hungry and want to grab food.
At present, the Bitcoin transaction takes eight-two minutes for the median affirmation time. Furthermore, for a six-block affirmation is currently more than forty nine minutes. In a nutshell, the team who are interested to eat lunch experimenting with Bitcoin will have to wait for quite a long time before the food comes to their table. So, except Deloitte's canteen is engaging to fair rep "zero affirmation" transactions (which is a giant no-no)
Lightning Network seems to be the only solution for Bitcoin's micro-payments. It is also known as "layer two" which facilitates mostly instant Bitcoin transactions via centralized cost channels. And Hard Fork makes a point to guide Deloitte to discover ways to make a number of payments, via Bitcoin as its canteen requires.