KPMG launches DLT supply chain tools in Australia and Japan.

One of the Big Four international accounting firms, KPMG, has officially launched a blockchain-based tracking platform in Australia, China, and Japan. The company announced on 11/28 that the tool, named KPMG Origins, aims to enhance transparency and traceability in processes across multiple industries such as agriculture, manufacturing, and financial services.

KPMG, also known as Klynveld Peat Marwick Goerdeler, is a large international professional services network specializing in accounting, with its headquarters in Amsterdam. It operates in over 153 countries or regions worldwide and has a total workforce of 207,000 employees.

According to the official press release, KPMG Origin integrates various emerging technologies, including blockchain and the Internet of Things, aimed at improving supply chain processes. KPMG states that the platform enables trade partners to convey product data to end users throughout the supply chain, reducing operational complexities.

The trial participants of this tool include SunRice, one of Australia's largest branded food exporters, Canegrowers, a peak body for sugarcane growers in Australia, and Mitchell Wines, a vineyard.

Blockchain Technology Meeting Growing Demands

Canegrowers' General Manager, Matt Kealley, points out that blockchain technology has the potential to help meet the growing demands of farmers to demonstrate their sustainable practices:

In simple terms, solutions like KPMG Origin's blockchain can provide a platform for end users to directly access product provenance certificates from growers to customers.

However, there are differing opinions, as evidenced by a recent statement from an executive at a large agricultural conglomerate at PwC, also one of the Big Four international accounting firms, who believes that blockchain brings a traceability illusion to supermarket chains and consumers, indicating that such solutions may not be foolproof.

Big Four Accounting Firms Show Strong Interest in Blockchain

According to a report, these four firms handled over 50% of the audit work for public and private companies last year, with total revenues exceeding $148 billion. Their presence in the crypto space may reflect the state of blockchain adoption. Maurizio Raffone, CEO of blockchain consultancy firm Finetiq Ltd, added:

My view is that the Big Four are currently enthusiastic about blockchain as an additional area for consultancy services rather than audit services. There is a trend for audit firms to move towards more profitable consultancy, and blockchain provides them with another opportunity to implement that strategy.

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