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Blockchain for technology, media, and telecommunications companies

Blockchain for TMT companies

This KPMG report outlines what COOs, CFOs, CIOs, CISOs, and other Technology, Media, and Telecommunications (TMT) company leaders should understand about blockchain. This includes use cases, potential benefits, KPMG survey data, and next steps for company leaders to consider.

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Blockchain has long been discussed as an upcoming disruptive technology. Unlike traditional centralised systems, blockchain allows for a distributed database that holds a growing number of records. The ledger is continually updated and synchronised across multiple computers in a network. Any participant in the network with the proper authorisation can view the entire ledger—without relying on an intermediary.

In KPMG’s 2019 Technology Industry Innovation Survey, 41 percent of technology business leaders said it’s likely their company will implement blockchain technology in the next three years.

blockchain-tech-likelihood-implement-chart
Adoption also requires tangible use cases, of which many have been envisioned. Here is a sampling of use cases for TMT companies:
  • Enabling direct payments between companies
  • Tracking and transacting for various types of assets, titles, licenses, and IP
  • Streamlining many tax compliance activities
  • Digital rights management
  • Royalty reporting
  • Piracy prevention
  • Digital rewards & loyalty
  • On-demand services
  • Micronisation of work (pay for algorithms, tweets, ad clicks, etc.)
  • Licensing payments
  • Provenance/Chain-of custody integrity in supply chain
  • Real time auction for supply delivery
  • Shipping & logistics management

Here are some steps that company executives can consider as they start to explore blockchain technology:

  • Determine which processes are best suited for blockchain
  • Evaluate what legal and regulatory frameworks apply
  • Develop a picture of the risks
  • Asses other organisational impacts

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