Global auditing firm KPMG has launched a supply chain platform using blockchain technology in Australia, China, and Japan.
The Big Four auditor has named the platform ‘KPMG Origins’, and it is designed to increase transparency within the agriculture, manufacturing, and financial service sectors.
According to a recent press release, three companies are already using the platform, including sugarcane firm Canegrowers, food exporter SunRice, and wine producer Mitchell Wines.
Ken Reid, ASPAC head of advisory and partner at KPMG Australia, commented: “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, and safety concerns.
“KPMG Origins’ goal is to solve these problems by providing independent, third-party verification and certification of data and processes.”
The move by KPMG is the latest in a long line of examples of blockchain being used to speed up processes of traditional finance companies.
In August, Deloitte debuted ‘blockchain in a box’ as a mobile platform for prototyped solutions, while a number of major banks are also adopting digital currencies.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.