The new blockchain-based KPMG Origins platform will improve operational complexities by introducing better sustainability practices in agriculture and manufacturing.
By Bhushan Akolkar
Updated
2 mins read
KPMG, the big-four auditing giant has officially announced the launch of its blockchain-based track and trace platform – KPMG Origins – in three countries: Australia, China and Japan. The KPMG Origins platform aims to bring transparency and better traceability of goods and items in multiple sectors like agriculture, manufacturing, resources, and financial services.
The press release states that all members of the KPMG Origins platforms can effectively unique product information with their trading partners. The auditing giant states that this will help to significantly reduce the operational complexities. In addition to blockchain, the KPMG Origins platform also combines other emerging technologies like the Internet of Things (IoT) and other data and analytics tools. Ken Reid, ASPAC Head of Advisory and Partner, KPMG Australia commented:
“The supply chains of the 21st century are faster, more interconnected, and require sharing greater amounts of data than ever before. 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.”
Some of the big organizations who have currently joined the platform include Queensland’s sugarcane growers major body – CANEGROWERS, Mitchell Wines, and one of Australia’s largest food exporters SunRice.
CANEGROWERS will work with KPMG to demonstrate the “sustainability credentials” of sugar that is produced in Queensland. This will help to maintain better transparency and reward the growers for their environmental sustainability practices.
Matt Kealley, CANEGROWERS Senior Manager – Membership Engagement & Innovation, said that there is a growing demand among growers to improve sustainability practices. However, before the KPMG Origins platform, there was not a clear way of recognizing their efforts and rewarding their investments. Kealley added:
“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.”
The auditing giant is currently rolling out the KPMG Origins platform in the Asia-Pacific region and works with regional firms to broaden its investment in blockchain capabilities.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
