KPMG launches blockchain track and trace platform
Offers protection of product authenticity and better insights into supply and distribution chains
HONG KONG, Nov. 28, 2019 /PRNewswire/ -- KPMG in China, Australia and Japan today launched KPMG Origins, a blockchain-based "track and trace" platform to support industries including agriculture, resources, manufacturing and financial services.
The platform has been developed to enable global trade. It brings together a number of emerging technologies including blockchain, internet of things sensors (IoT), as well as data and analytics tools to provide transparency and traceability to trading partners across complex industries. KPMG Origins allows these trading partners to communicate unique product information across their supply chains, and in particular to end users, while reducing operational complexities.
Laszlo Peter, KPMG Head of Blockchain Services for Asia Pacific, said: "KPMG Origins is the result of several successful initial trials with clients to understand industry pain and trust points, map incentive structures, and create a platform to add real value. To move beyond the hype, it is necessary to introduce complex technology across a diverse set of corporate stakeholders. The platform is based upon in-depth work across highly specialised areas, as well as collaboration across multiple jurisdictions to deliver a multi-lingual, standards and taxonomy driven platform that accelerates the development of distributed ecosystems."
The rollout of the platform follows pilot implementations with clients across China, Australia and Japan.
Adam Stuckert, Partner, blockchain lead for KPMG China, said: "In China, the KPMG Origins proposition -- protection of product authenticity and better insights into supply and distribution chains -- is attracting a lot of attention. The local team is engaging with major producers of premium beverages as well as pharmaceutical devices and medicine. Combining IoT data with AI vison and the ability to store the results on an auditable, tamper-proof, single source of truth is a very strong value proposition for those industry leaders."
Organisations trialling the KPMG Origins platform include CANEGROWERS in Australia, the peak body for Queensland's sugarcane growers, which is working with KPMG to scope the application of blockchain as a way to demonstrate the sustainability credentials of sugar produced in Queensland and to ultimately drive a return to growers in recognition of their environmental sustainability practices.
Ken Reid, Partner, ASPAC Head of Advisory, 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 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."
Tim Denley, Partner, Board member of KPMG Ignition Tokyo added: "The proposition of KPMG Origins provides a significant opportunity for organizations to explore the future of distributed economies and assess the transformation needed to enable new value in the traceability of supply chains. With increasing scrutiny over the quality of goods and factors such as sustainability, ecological impact and consumer safety all companies will need to gain new insights into the details of the supply chain across a growing number of players."
KPMG Origins is being rolled out across Asia Pacific as part of the regional firms' broader investment in blockchain capability ranging from consulting advice to technology delivery, build and service operation.
For more information on KPMG Origins, please go here.
About KPMG International
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 153 countries and territories and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.