Blockchain Track And Trace Platform Launched By Big Four Auditing Firm KPMGbr>
KPMG, a professional service company and one of the Big Four auditors, has launched a blockchain-based track and trace platform in Australia, China and Japan.
Called KPMG Origins, the platform has been developed to enable global trade, and provide a competitive edge for Australia industries to demonstrate the provenance of their product internationally. KPMG Origins aims to support industries including agriculture, resources, manufacturing and financial services.
KPMG Origins reportedly brings together a number of emerging technologies including blockchain, Internet of Things sensors (IoT), as well as data and analytics tools to provide transparency and traceability to trading partners across complex industries. The platform allows these trading partners to communicate unique product information across their supply chains, and in particular to end users, while reducing operational complexities.
“The supply chains of the 21st century are faster, more interconnected, and require sharing greater amounts of data than ever before,” said Ken Reid, ASPAC Head of Advisory and Partner, KPMG Australia. “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.”
According to KPMG, CANEGROWERS, the peak body for Queensland’s sugarcane growers; SunRice, one of Australia’s largest food exporters; and leading riesling producer, Mitchell Wines are already trialling the track and trace platform.
CANEGROWER is using the KPMG Origins platform to demonstrate the sustainability credentials of sugar produced in Queensland and to ultimately drive a return to growers in recognition of their environmental sustainability practices.
“There is increasing demand on growers to demonstrate their sustainability practices, yet there is no way for them to be recognised or rewarded for their investment,” said CANEGROWERS Senior Manager – Membership Engagement & Innovation, Matt Kealley. “In CANEGROWERS view, if there’s demand for sustainable sugar, surely there’s some value there. A blockchain solution, such as KPMG Origins, could provide a platform which will enable end-users to capture the sustainability credentials of the product directly from the grower to customer. By working together as an industry to explore cutting-edge tech such as blockchain, we are exploring ways to get value back to growers and the Queensland sugar industry.”
KPMG Origins is being roll out across Asia Pacific as part of the regional firms’ broader investment in blockchain capability ranging from consulting advice to technology delivery, build and service operation.