Professional services company and Big Four auditor KPMG announced it has partnered with enterprise blockchain company Guardtime to offer blockchain-enabled business services to clients. This news comes via a press release published by KPMG yesterday.
This is not KPMG’s first foray into the realm of blockchain. On KPMG’s website, they note they have “dedicated blockchain specialists across KPMG’s core lines of business — Tax, Audit, Advisory, and Industries — in 30 countries across the world,” and also note they offer “ongoing management support throughout the life cycle of the blockchain network.”
In a November report entitled, “Institutionalization of Cryptoassets,” KPMG established a bullish stance on crypto, and made the case for large financial institutions to participate in the cryptocurrency market.
“Cryptoassets have potential,” the report stated, “But for them to realize this potential, institutionalization is needed … Institutionalization is the at-scale participation in the crypto market of banks, broker dealers, exchanges, payment providers, fintechs, and other entities in the global financial services ecosystem. We believe this is a necessary next step for crypto to create trust and scale.”
For KPMG, the alliance with Guardtime, which partners with existing companies to develop new digital products and services using their own proprietary technology stack, will further entrench them as a budding blockchain leader in their space.
“Bringing a wealth of industry experience,” the press release explains, “KPMG and Guardtime will work with companies to help address complex business issues in the areas of supply chain, data rights management, compliance procurement, finance, identity management, cloud audit, migration governance and security.”
Arun Ghosh, KPMG’s National Blockchain leader, went on to comment:
“KPMG’s deep business and technical experience along with Guardtime’s blockchain platform drives business transformation in areas that are encumbered with manual processes and where data accuracy, trust, and security are paramount.”
Guardtime also has previously worked with the government of Estonia on its e-governance initiatives, and last year partnered with another Big Four auditor, EY, to create a blockchain insurance platform for the shipping industry, with global shipping leader Maersk joining as a trial client.