By Mike Alva
Ten years ago blockchain was little more than a concept. A few years later there was the technology that could make it happen. Now we’re in the execution phase, working with clients across the technology, media and telecommunications sectors.
Among its many applications, blockchain can eliminate inefficiencies in supply chains, address the challenges of global trade and tariffs, improve product tracking and safety, help reduce fraud, automate tax processes, and better track and protect data.
“In my recent conversations with technology leaders, they’ve indicated that they want to continue doing what they’re doing – but better. They’re examining ways to achieve core operational efficiency by improving current processes, while also saving on costs. Blockchain is increasingly being recognized as a way to drive those results,” said KPMG LLP Advisory Director Tegan Keele, who is working with technology, media and telecom organizations to develop their blockchain strategies.
In the technology industry, business leaders surveyed globally by KPMG indicated it’s likely that blockchain will change the way they do business (48 percent) , and that it’s very likely their company will implement blockchain in the next three years (41 percent).
“Based on the trajectory of blockchain in the marketplace and the number of clients in our portfolio who express an interest in implementing – not just learning about – blockchain, forty-one percent is a surprisingly low number. I’m finding that our technology clients, in comparison to other industries, are even more excited about blockchain and have been rapidly leaning into experimentation mode.”
It’s clear that business leaders see the value in blockchain, and in addition to tech organizations, KPMG is also developing use cases for media and telecom companies.
Unlike traditional centralized systems, blockchain technology allows for a distributed database that verifies participants and the data being shared in near real-time. The ledger is continually updated and synchronized across multiple nodes in a network. Therefore, any participant in the network can view some or all of the ledger (depending on their permissions) – but not change any of the records – reducing fraud, protecting data integrity, and enhancing trust.
“The media companies we work with, in particular, are placing a high value on blockchain. We are introducing blockchain and exploring tokenization across the content supply chain to protect the intellectual property exchanged within their network, which helps to secure non-physical assets such as advertisements or movies during the production process,” according to Keele.
As far as promising use cases for telecom organizations, Keele says, “As 5G rolls out, we can also expect blockchain to have a significant role in protecting their customer and company data, including IP on manufacturing designs in order to reduce the risk of tampering or interference.”
For a greater understanding of TMT blockchain applications, read this article by Tegan Keele on LinkedIn.. To speak with her, please contact Mike Alva, firstname.lastname@example.org; mobile (925) 878-5488; Twitter @michaelalva.