'Big Four' Auditor KPMG Launches Blockchain Services

‘Big Four’ Auditor, KPMG, Launches Blockchain Services


On September 14th, 2016, professional services firm, KPMG, announced a suite of services built around distributed ledgers and how companies can implement them into their business models.

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KPMG and Microsoft Partner Up to Create Blockchain Solutions

As part of this effort, KPMG will collaborate with Microsoft in a partnership they say will combine the best aspects of both firms to offer the best experience for their clients.

Canadian IT advisory leader for KPMG, Yvon Audette, specified some of the parameters of the collaboration.

“Through this collaboration, we are combining KPMG’s proficiency in business transformation and wide-ranging services with Microsoft’s industry-leading cloud technologies and business solutions,” he said.

“In turn,” Audette elaborated, “this will allow companies to improve their scale, agility and gain valuable insights across the enterprise to quickly make well-informed decisions, and meet changing customer demands.”

KPMG Unveils ‘Digital Ledger Services’

According to the official press release, the KMPG’s digital ledger services offer a comprehensive suite of tools designed to help financial firms realize the potential significance of blockchain.

Additionally, it utilizes the distributed ledger technology that offers benefits that have become a trademark of blockchain tech, such as faster and secure transactions, reduced costs, and  streamlined and automated back office operations.
Additionally, the suite of services provides full life-cycle support — 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 management consulting and risk consulting expertise 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, according to the firm.

Currently, KMPG is working with 80 partners and executives to focus on blockchain solutions to financial problems or otherwise. The professional services giant will also make use of its data and analytics group that focuses on coding and development in support of proof-of-concept, prototyping and integration of blockchain capabilities.

Blockchains Finding Niche in the Professional Services IndustryChains

While, many times, it can seem like the case for blockchain applicability is often overstated, being pushed as a solution for a plethora of problems, it does seem like the professional services industry finds real use-case value in the technology.

In addition to KPMG’s announcement of its suite of “digital ledger services,” another “big four” auditor, PwC, has recently made headlines for applying blockchain tech to wholesale insurance solutions. The firm recently determined, through their studies, that the blockchain has the potential to save reinsurers as much as $10 billion globally.

Also, prior to the aforementioned studies, in February, 2016, PwC launched its “blockchain solution portfolio.” Essentially, a bundle of services that aim at spanning the cycle of analysis ongoing at major financial firms.

The portfolio itself is also the result of a past study the firm did on the blockchain, which was compiled based on two years of internal research. Furthermore, PwC has also partnered with key blockchain start-ups in the past like Blockstream, Digital Asset Holdings and Eris Industries.

What do you think of KPMG’s Digital Ledger Services and its partnership with Microsoft? Let us know in the comments below!

Source: Finextra

Images Courtesy of KMPG, Microsoft.

Trevor Hill

Trevor Hill

Trevor is a writer at Bitcoinist. He is currently attending his first year at the University of Wisconsin-Fox Valley, with a selected major in Economics. Subscribes to the Austrian school of economics.