The fog around blockchain is beginning to lift as organizations leverage distributed ledger technology (DLT) to provide faster and more secure transactions, streamline and automate back-office operations, reduce costs and improve customer experience.
Audit, Tax and Advisory firm KPMG wants to lead the way and has developed a new assessment tool to help companies learn more about how to best apply, employ and harness the value of blockchain.
“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.”
“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.”
Check out the new KPMG Blockchain Technology Risk Assessment online.