Accounting Giant KPMG Unveils Blockchain-based Track & Trace Platform
World-class consultancy firm, KPMG has unveiled a promising blockchain-oriented track and trace revolutionary solution in strong financial economies of Japan, China, and Australia. Launched by the name of KPMG Origins, the platform integrates the expertise of blockchain technology, Internet of Things (IoT) sensors, and data and analytics tools to offer high-grade transparency and traceability features for an array of industries.
The primary aim of the new platform is to form a channel between the supply chains and end-users rendering an opportunity for communication of the product information. The platform has run pilot tests in three countries. Interestingly, though the solution will be employed for food traceability systems, KPMG aims to use it for the betterment of the supply chains of an array of industries. The well-known organizations that will be using KPMG’s track and trace platform include the group of Australian sugarcane growers named CANEGROWERS, Australia-based food exporter SunRice, and vineyard Mitchell Wines.
Ken Reid, the ASPAC Head of Advisory and Partner, KPMG Australia, quoted that,
“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.”
KPMG is a globally reputed service providing firm that also takes pride in being one of the Big Four accounting firms. The highly reputed firm collaborated with Blockchain in Transport Alliance (BiTA) to cater to the requirements of the transport industry by improving the standards and facilities. In 2018, KPMG teamed up with Singapore Airlines to launch a digital wallet to aid the Airlines’ blockchain loyalty project.
Matt Kealley, Senior manager at CANEGROWERS, stated,
“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.”
Though KPMG has been quite an active participant in the development of blockchain technology, KPMG Origins shines as the firm’s first-ever product-based blockchain service. The recent times have seen increased participation from blockchain-backed companies into the food traceability sector. Australia-based blockchain entity, BeefLedger has created a provenance solution to track down the entire process of beef exports to China. Thomas Foods International and Drakes Supermarket are the two other Australian companies that tested IBM Food Trust blockchain earlier.
Australia is also the ground for another supply chain venture aimed at ensuring sustainability named OpenSC. The solution is the joint effort of WWF Australia and a unit of Boston Consulting Group. The platform recently announced a $4 million seed funding round.