by Nuno Menezes
With blockchain technology looking to become increasingly used by a variety of industries, many companies are trying to harness the full potential of this new technology. Embracing a rapidly-advancing new technology that disrupts business and the financial environment is not always easy, and that’s why KPMG’s Digital Ledger Services have developed a new service designed to help companies and financial services utilize the potential of the blockchain technology.
KPMG LLP, is an audit, tax, and advisory firm, and is the U.S. member firm of KPMG International Cooperative. Currently, KPMG is working with clients on a range of global blockchain projects, including the qualification of a blockchain solution for a major US bank for global payments, and the development and prototyping of smart contracts in insurance.
The company this week announced the launch of its Digital Ledger Services, a comprehensive array of services which will aid financial companies in realizing the potential of the blockchain technology. By providing faster and more secure transactions, and by streamlining and automating back-office operations, the company believes this new technology can help companies greatly reduce costs.
KPMG’s Digital Ledger Services includes full lifecycle support goes from strategic qualification and business case development to relevant use-case development, systems and operations integration, and on-going management of a company’s blockchain infrastructure. The life cycle support combines expertise from both management consulting and risk consulting in financial processes and regulation as the backbone. KPMG’s in-house development and cloud transformation expertise will also be part of the services offered to clients.
Bill Cline, KPMG’s U.S. Financial Services lead for technology and innovation stated,
“Blockchain represents not only a dramatic shift in how financial services organizations will manage transactions in the future, but also how they structure their internal operations going forward. This is something that all financial services companies must be considering and accelerating.”
In addition, KPMG will expand its strategic alliance with Microsoft to work on blockchain initiatives with industry giants. The company is cooperating with Microsoft to develop an application layer for the Blockchain as a Service platform, which will help clients efficiently move to the cloud for storage while adopting disruptive Blockchain technologies.
Marley Gray, the director of business development & strategy for blockchain at Microsoft said,
“We’re excited to be expanding our efforts with KPMG to develop blockchain services. The global availability of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security help to enable blockchain adoption, especially in highly regulated industries like financial services, healthcare, and government.”
Worldwide, KPMG has dedicated more than 80 partners and executives to focus on blockchain technology, including its industry leading data and analytics group that will focus on coding and development in support of proof of concept, prototyping, and integration of blockchain capabilities.
KPMG’s U.S. and global lead for Digital Ledger Services, Eamonn Maguire commented,
“What is most promising about the emergence of blockchain is the impact it could have for helping cut operating and capital costs that have been the bane of financial services companies after years of increasing regulatory overhead”.