How blockchain is transforming business processes
How blockchain is transforming business processes
Insight

How blockchain is transforming business processes

Enterprise blockchain technology is changing the way business functions and delivering opportunities for trust, growth and compliance.

Today’s digital world demands information be available more quickly and easily, along with greater transparency. Enter emerging technologies like blockchain, which helps to foster greater efficiency among complex business environments and interactions. An augmentative technology to record transactions, blockchain builds digital collaboration and trust by allowing transactions to be secure, anonymous, peer-to-peer and instantaneous. This technology can have significant impact whether one audits a balance sheet, builds out a supply chain or develops security on a medical device.

KPMG is integrating enterprise blockchain in numerous industries, such as healthcare, government, telecomm, and energy, to create new efficiencies and streamline processes. We help clients define and execute their blockchain roadmap—from strategy to implementation. We’re currently engaged with an aerospace client, for example, to use blockchain to track the parts and materials that comprise a finished component to determine if production of that component meets expected standards and to create a verifiable record of inputs needed to calculate import and other taxes. KPMG also has been helping major financial institutions manage risk and compliance associated with cryptocurrencies, and our Tax team is offering blockchain to help companies comply streamline tax and finance activities.

We also work extensively with our alliance partners to develop blockchain applications with and for our clients. Along with IBM, Merck, and Walmart, we’re piloting blockchain as a solution for the FDA to enhance drug supply chain security. And with Microsoft, R3, and Tomia, we’re creating an intercarrier settlement solution for the telecomm industry in anticipation of 5G network services. Our alliance with Guardtime has delivered blockchain applications in several industries, such as life sciences and government, to demonstrate data integrity, auditability, and provenance.

Blockchain integration isn’t limited to global organizations that invest heavily in innovation. Small and midsize companies are also showing increased interest in blockchain, which could be used as a conduit to streamline information sharing as well as supply-chain management and transaction record-keeping.

To find out where the technology’s enterprise potential is the greatest, listen to this podcast with blockchain leaders from KPMG and analysts from Forrester Research.