‘Big Four’ firm KPMG joins blockchain IoT consortium

Consulting giant KPMG has announced that it is joining the Trusted IoT Alliance organization to catalyze the development of a blockchain-enabled, trusted Internet of Things (IoT).

Launched in September 2017, the consortium aims to bring companies together to develop and establish the standard for an open source blockchain protocol to support IoT technology across industries. Founding members include Bosch, BNY Mellon, Cisco, Gemalto, Chronicled, ConsenSys, Ledger, HCM International of Foxconn Group, IOTA, Oaken Innovations, Qtum, Chain of Things, and others.

"Our membership with the Trusted IoT organization brings together the key players in business transformation and technology to drive a secure and standardized IoT framework backed by blockchain,” KPMG's U.S. Blockchain Leader Arun Ghosh. “This will enhance the value of these emerging technologies for both KPMG and our clients, while enabling us to help improve data security among IoT devices and networks."

KPMG is already a member of a number of blockchain-focused consortiums and initiatives. This includes the blockchain consortium led by enterprise software firm R3, the Wall Street Blockchain Alliance (WSBA), Blockchain in Transport Alliance (BiTA), and the Blockchain Research Institute (BRI), among others.

In its 2019 Tech Innovation Survey, KPMG found that 23 percent of tech executives expect IoT processes to be one of the greatest blockchain disruptors over the next three years.

"The convergence of IoT and blockchain allows us to build better transparency between contracting parties, track service completion using sensor data as well as smart contracts to automate payment processing, and provide real-time product traceability with secure data aggregation across a supply chain, in addition to several other use cases," said Ghosh.