The reign of blockchain is expanding. From Microsoft to Walmart, all the big organizations are trying their hands on blockchain technology. Now joining this long list is KPMG, one of the big four firms, that has recently launched a blockchain-based supply chain tool.
Tagged as KPMG origins, the tool is built on emerging technologies to add value to the complex supply chain industry. It leverages blockchain, IoT, and data analytics to enable global trade and further streamline the multiple processes of a supply chain industry. This pilot project has been rolled out in 3 countries- Australia, Japan, and China.
KPMG’s Association With Blockchain
This is not the first time that KPMG has launched a product based on blockchain tech. The firm has consistently increased its footprints in the past few years.
In 2017, this big four firm also became a member of the Wall Street Blockchain Alliance (WSBA). Its past ventures in blockchain include joining forces with the U.S. Food and Drug Administration for tracking pharmaceutical products, partnering with Blockchain in Transport Alliance (BiTA) for developing norms in the transport industry, launching a digital wallet for Singapore airlines, among others.
These factors reveal the audit firm’s interest in blockchain solutions. Besides this, other big four firms namely Deloitte, PwC, and Ernst and Young (EY) have also launched blockchain-based services in other areas.
KPMG Origins uses blockchain technology to ensure transparency and traceability across the supply chain. Moreover, it aims to provide effective communication of the product details to the multiple partners across the chain.
The use of innovative technologies allows clear visibility of production processes at each step. This transparency further enables higher trust among the end-users in regards to the product and the organization. Additionally, KPMG origins’ plans to solve the complexities of the supply chain by providing independent third-party verification to data and processes.
With these goals in mind KPMG origins, applies its product solution to Australian sugarcane body- CANEGROWERS, Australia’s largest branded food exporter SunRice, and vineyard Mitchell Wines.
The First Trials
CANEGROWERS will work with KPMG Origins to drive sustainable practices across the sugarcane industry in Queensland. Furthermore, with the use of blockchain and IoT, the solution aims to fulfill the loopholes in the sugarcane supply chain in Australia.
As one of its senior managers reported: “There is increasing demand on growers to demonstrate their sustainability practices, yet there is no way for them to be recognized or rewarded for their investment”.
KPMG Origins provides a solution that ensures the practice of sustainability across the CANEGROWER supply chain. The transparency across the supply chain further grants visibility to the end-user. At the same time, the tool also renders a method to award the growers or the organization engaged in carrying out sustainable practices.
Moving beyond the hype, this technology is seeing the light of the day with a number of solutions in different industries. The next few years will shape our futures with the budding impact of blockchain tech.