Blockchain adoption is on the rise globally as useful applications come into view
The fog around blockchain is beginning to lift as an increasing number of organizations, both in Canada and around world, are leveraging distributed ledger technology (DLT) to provide faster and more secure transactions, streamline and automate back-office operations, reduce costs and improve customer experience.
"There are several good examples in the private, public and non-profit sectors where organizations are embracing blockchain to create new experiences for customers and enhance their operations," says Paritosh Gambhir, Head of Blockchain and Partner for Financial Services at KPMG in Canada. "Financial services companies, for example, have been thinking outside the box in their efforts to speed up and simplify payments, streamline securities trading and settlement and back office operations, develop smart contracts, and enhance loyalty and rewards programs. Those proven systems improvements are expected to turn into credible business models."
Indeed, blockchain technology is proving attractive in various cases. KPMG professionals have advised clients around the world on a range of blockchain solutions – including a U.S. pharmaceutical company that will use blockchain to track where finished products are shipped to be able to comply with the Drug Supply Chain Security Act from 2013; supply chain visibility, including parts and documentation tracking with tax management for an aerospace firm; a blockchain-powered distribution platform for the asset management industry in Luxembourg; and a fixed asset management procurement system for a major technology client.
"Embracing a rapidly-advancing new technology is not easy, but Canadian companies should not wait for the blockchain fad to fade," adds Gambhir. "The time is now to test use cases and get moving on implementation and governance – or risk getting left behind. Blockchain will not only disrupt organizations, but multi-party processes, such as supply chains, will also be greatly optimized and accelerated through this technology."
KPMG member firms around the world offer collaborative services with key alliance partners such as Microsoft and IBM, combining our key alliances' blockchain and cloud technologies with our extensive offerings and experience. KPMG in Canada is also a member of the Blockchain Research Institute.
Learn more about how to best apply, employ and harness the value of blockchain, while also managing associated risks using the new KPMG Blockchain Technology Risk Assessment.
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