KPMG Launches Blockchain-Integrated Supply Chain Platform in Australia, China & Japan
KPMG, a Big Four audit firm, announced on Nov. 28 that it has rolled out a blockchain-enabled track and trace platform dubbed KPMG Origins in Australia, China, and Japan.
The platform leverages emerging technological innovations, such as blockchain and internet of things sensors (IoT), as well as data analytics tools.
Its primary function is to provide traceability and transparency to trading partners in different industries, such as manufacturing, agriculture, financial services, and resources. KPMG Origins enables trading partners to share authentic product information across their supply chains with end-users and further reduce operational complexities.
Ken Reid, a senior official at KPMG Australia, asserted: “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.”
Trailing of KPMG origins
KPMG Origins is being trailed by a couple of organizations, such as SunRice, a notable food exporter in Australia, CANEGROWERS, the peak body for Queensland’s sugarcane growers, and Mitchell Wines.
Expressly, CANEGROWERS mulls utilizing KPMG Origins to show sustainable and authentic credentials of Queensland’s sugar. This approach is expected to make growers more profitability as their environmental sustainability incentives will be recognized.
Matt Kealley, CANEGROWERS senior manager, acknowledged: “There is increasing demand for growers to demonstrate their sustainability practices, yet there is no way for them to be recognized or rewarded for their investment. [...] A blockchain solution, such as KPMG Origins, could provide a platform that will enable end-users to capture the sustainability credentials of the product directly from the grower to the customer. By working together as an industry to explore cutting-edge tech such as blockchain, we are exploring ways to get value back to growers and the Queensland sugar industry.”
KPMG Origins has been established to prompt global trade by offering different industries a comparative advantage.
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