Insight

Blockchain promises companies more transparency and trust

But many executives continue to underestimate its potential to solve business problems.

By Melanie Batley

Blockchain has evolved quickly in the last 18 months, but more sweeping advancements are expected within the year, according to KPMG.

“The experimentation phase is over. We will be seeing companies build up blockchain ecosystems to connect with a network of their suppliers, with the intent of solving broad business problems related to flexibility and efficiency,” said Arun Ghosh, principal in Digital Enablement at KPMG, and authority on blockchain.

The transformative nature of blockchain should be prompting the entire C-suite to strategically come together and reevaluate value chains, operating models and digital investments. Still, most companies underestimate the promise of blockchain.

“Most enterprises are not realizing the value that blockchain delivers by giving more trust and trusted commerce principles to the enterprise,” Ghosh said.

KPMG has clients in a range of industries such as high tech, pharmaceuticals, and aerospace and is giving our clients more visibility into their supply chain transactions that were previously not transparent.

“Blockchain’s ability to integrate with business systems and processes makes it a purveyor of trust and transparency—a highly coveted trait for both business and consumers alike,” says Ghosh.

KPMG believes that blockchain is not a replacement technology, but that it’s designed to augment the work employees do today.  “Blockchain is not a transformation technology.  It is a technology that is helping businesses accelerate transformation,” Ghosh said.

KPMG is approaching blockchain across the firm’s line of businesses—tax, audit, advisory and industry—and the firm is tightly integrated in its points of view and investments, differentiating KPMG from its competitors.

To speak to Arun Ghosh or another KPMG leader about blockchain, please contact Melanie Batley.

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