Big Four Firm Launches Blockchain Product for China, Asia
Another of the ‘Big Four‘ firms has joined in launching a blockchain-based product to improve transparency in the trade sector and add value to its service offering starting in the Asian axis including China.
KPMG in China, Australia and Japan on Nov. 28 announced the launch of KPMG Origins, a blockchain-based “track and trace” platform to support industries including agriculture, resources, manufacturing and financial services.
Generally, the ‘Big Four’ biggest professional services networks in the world – Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers – have been playing a key role in the assessment of trends in the blockchain industry over the years. Their involvement in launching blockchain products could be seen as their way of pushing the hype narrative to create reality with problem-solving solutions.
Earlier this month at its Asia-Pacific blockchain summit in Shanghai, EY China presented two blockchain projects their firm has been running together with State Grid Zhejiang (a state-owned enterprise) to enable inter-companies transactions and a digital ecosystem for Shanghai’s Customs Free Trade Zone.
This follows the view shared by EY’s Global Blockchain Leader, Paul Brody, at the fifth Ethereum Developer Conference (DevCon 5) in Japan that the firm wants to make it possible for enterprises to embrace blockchain easily. He added that they see blockchain as “a tool that is going to allow networks of companies, entire business ecosystems, to transact seamlessly with each other to build complex supply chains with very low overhead and incredibly high efficiency.”
EY has also introduced Nightfall which integrates smart contracts and microservices to enable transactions on the Ethereum blockchain with complete privacy based on ZKPs after the prototype released was released in October 2018.
The Big Four’s blockchain efforts seem to gear towards the notion of enhancing enterprise use of blockchain technology particularly for supply chains which is expected to be faster in this age, be more interconnected and need to share greater amounts of data.
“In China, the KPMG Origins proposition – protection of product authenticity and better insights into supply and distribution chains – is attracting a lot of attention,” says Adam Stuckert, Partner, blockchain lead for KPMG China, in a press statement. “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.
The platform, which has been developed to improve transparency and traceability among global trading partners across complex industries, is to be rolled out across Asia Pacific for trading partners to communicate unique product information across their supply chains including to end users while reducing operational complexities such as operational risks, fraud and safety concerns.