Big Four’ Auditing Firm KPMG Teams With Blockchain In Transport Alliance

News | November 12, 2018 By:

Professional services firm KPMG has teamed with the Blockchain in Transport Alliance (BiTA) to help develop blockchain standards for the transportation industry.

KPMG is a global network of professional firms providing audit, tax, and advisory services. The company is one of the so-called “Big Four” auditors, along with Deloitte, Ernst & Young and PricewaterhouseCoopers.

Founded in August 2017, BiTA is the largest commercial blockchain alliance in the world, with nearly 500 members in over 25 countries that collectively generate over $1 trillion in revenue annually. It serves as a forum for the development and adoption of blockchain applications in the trucking, transportation, and global delivery ecosystem.

Under the agreement, KPMG will BiTA develop standards from which transportation, logistics, supply chain, freight marketplace participants can build revolutionary blockchain applications.

“Even with major advances in technology, transport logistics remain expensive and vulnerable,” said KPMG’s US Blockchain Leader Arun Ghosh. “Blockchain has the potential to solve these issues and disrupt many of the systems that freight organizations have relied upon for decades, while creating greater transparency, speed, reliability and trust within organizations’ core operations, including their supply chain.”

Major players in the transportation industry believe that blockchain is a data democratizer, providing transparency and ensuring fairness among all participants. IDC forecasts that corporate spending on blockchain software, services, and hardware will more than double this year, from $945 million to $2.1 billion.

“We believe that blockchain will fundamentally change the transportation industry,” said BiTA President Chris Burruss. “We are very proud to have KPMG join BiTA. Their global reach and perspective across advisory, audit and tax is invaluable in establishing the industry standards that will determine blockchain’s use in freight for years to come.”