KPMG Launches Blockchain Platform, KPMG Originsby Fintech News Hong Kong December 2, 2019
KPMG in China, Australia and Japan today launched KPMG Origins, a blockchain-based “track and trace” platform to support industries including agriculture, resources, manufacturing and financial services.
The platform has been developed to enable global trade. It brings together a number of emerging technologies including blockchain, internet of things sensors (IoT), as well as data and analytics tools to provide transparency and traceability to trading partners across complex industries.
KPMG Origins allows these trading partners to communicate unique product information across their supply chains, and in particular to end users, while reducing operational complexities.
Laszlo Peter, KPMG Head of Blockchain Services for Asia Pacific, said:
“KPMG Origins is the result of several successful initial trials with clients to understand industry pain and trust points, map incentive structures, and create a platform to add real value. To move beyond the hype, it is necessary to introduce complex technology across a diverse set of corporate stakeholders. The platform is based upon in-depth work across highly specialised areas, as well as collaboration across multiple jurisdictions to deliver a multi-lingual, standards and taxonomy driven platform that accelerates the development of distributed ecosystems.”
The rollout of the platform follows pilot implementations with clients across China, Australia and Japan.
Adam Stuckert, Partner, blockchain lead for KPMG China, said:
“In China, the KPMG Origins proposition — protection of product authenticity and better insights into supply and distribution chains — is attracting a lot of attention. The local team is engaging with major producers of premium beverages as well as pharmaceutical devices and medicine. Combining IoT data with AI vison and the ability to store the results on an auditable, tamper-proof, single source of truth is a very strong value proposition for those industry leaders.”
Organisations trialling the KPMG Origins platform include CANEGROWERS in Australia, the peak body for Queensland’s sugarcane growers, which is working with KPMG to scope the application of blockchain as a way to demonstrate the sustainability credentials of sugar produced in Queensland and to ultimately drive a return to growers in recognition of their environmental sustainability practices.
KPMG Origins is being rolled out across Asia Pacific as part of the regional firms’ broader investment in blockchain capability ranging from consulting advice to technology delivery, build and service operation.