Audit company KPMG recently rolled out KPMG Origins, its blockchain-powered track and trace platform. The tool is officially available in Australia, China, and Japan.
In a press release, KPMG explained that their latest tool was designed to boost the traceability and transparency of processes in numerous industries, including agriculture, financial services, and manufacturing.
The launch of KPMG Origins came after a series of successful pilot applications with customers from the three countries. Some of the companies that participated in the trial program were SunRice and Cane Growers. The former is one of Australia’s largest food exporters while the latter represented the country’s sugarcane growers. The Mitchell Wines vineyard also participated.
Ken Reid on the Topic
Ken Reid, the Head of Advisory and Partner of ASPAC, stated that 21st century supply chains are faster, better connected, and mandates the sharing of larger amounts of data than the previous years. He also said the complexity of these ecosystems creates operational and safety issues. And KPMG Origins is set to resolve them.
The move to introduce KPMG Origins in the Asia Pacific region first was decided as part of the company’s larger investment in the technology. The firm is investing heavily in blockchain’s range of capabilities, from providing consulting advice to technology delivery and build and service operations.
One of KPMG Origins’ main objectives is to enhance supply chain processes. The platform intends to accomplish this by integrating several emerging technologies, like the Internet of Things and blockchain. The tracking platform allows trading partners to exchange product information across the supply chains to the end-users. The system is also designed to reduce operational difficulties.
Cane Growers Senior Manager Matt Kealley pointed out that blockchain technology has the capacity to meet the rising demand for farmers and growers to showcase their sustainability programs. He stated that a blockchain solution like the one KPMG is offering can provide such a platform. It will also allow end-users to gain the sustainability credentials of the product straight from the farmer to the consumer.
Other Big Four Contemporaries
KPMG and fellow Big Four contemporaries Deloitte, Ernst & Young, and PricewaterhouseCoopers (PwC) have all stated their interest in blockchain tech and its implementations. As these four industry giants have allegedly accounted for more than half of the world’s audits since last year, their actions with regards to blockchain and cryptocurrency help show where the world stands in terms of blockchain adoption.
Aside from the KPMG Origins, one of the latest blockchain implementations among the four is EY’s public fund platform that was released last month. Before that, PwC collaborated with uPort, the ConsenSys-powered identity management system, to create a similar program for the United Kingdom’s financial industry.