Australia: KPMG Unveils Blockchain Platform to Track Food Processing Supply Chain
One of the big four accounting firms KPMG has launched a distributed ledger technology-enabled (DLT) platform to manage and overlook the supply chain nitty-gritty of the agriculture and food processing industry in Australia. This, according to a report by Consultancy.com.au, December 17, 2019.
Blockchain Down Under
Over the past few years, Australia has emerged as one of the global hotbeds when it comes to developing and implementing platforms powered by blockchain technology. DLT’s immutability, transparency, and security make it an ideal fit for myriad industries around the world, including the labyrinthine supply chain space.
In a bid to capture the relatively untapped DLT supply chain space, KPMG has launched KPMG Origins – a new blockchain platform that essentially a decentralized, open, and secure record of each transaction and development across the food supply chain. In addition, KPMG Origins also makes use of the Internet of Things (IoT) sensors to improve the accuracy and speed of recording information.
Per sources close to the matter, KPMG Origins will bring a much-required degree of transparency and streamline the Australian food processing and agriculture supply chain. The solution will help the various stakeholders associated with the Australian supply chain space identify areas where more transparency is required. Once identified, they’ll be able to mitigate fraud and misconduct within the space.
Commenting on the development, Ken Reid, Partner & Head of Advisory for KPMG in the Asia Pacific (APAC) region said:
“The supply chains of the 21st century are faster, more interconnected, and require sharing greater amounts of data than ever before. From agriculture to financial services, the complexity of supply chain ecosystems creates operational risks, reconciliation challenges as well as safety concerns. KPMG Origins’ goal is to solve these problems by providing independent third-party verification and certification of data and processes.”
Clients Onboard KPMG Origins
Notably, KPMG Origins is currently being tried out by three major food companies in Australia: food-export company SunRice, Riesling producers Mitchell Wines, and Queensland-based sugarcane farming association CaneGrowers.
In related news, BTCManager reported on November 15, 2019, how Singapore-based blockchain supply chain project VeChain (VET) had partnered with leading Chinese tea producers to launch a tea tracking supply chain solution powered by the VeChain ToolChain.