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article imageKPMG says blockchain 'critical' to industry, joins advocacy group

By James Walker     Nov 16, 2017 in Technology
KPMG has joined the Wall Street Blockchain Alliance as a corporate member, stating its commitment to using the tech inside its business. The company described blockchain as "critical to the industry," noting it has several benefits.
Blockchain is gaining momentum across different industries as its benefits start to become clear. The concept of a distributed and transparent ledger gives businesses a way to improve efficiency, cut down waiting times and open new revenue streams. KPMG is the latest major firm to publicly commit to furthering adoption by joining a working group.
The Alliance
The Wall Street Blockchain Alliance (WSBA) is a non-profit trade organisation that's working to advocate the introduction of the blockchain in financial services markets worldwide. KPMG said it's joining the group so it can work with leading blockchain experts and help to promote use of the technology within the finance industry. It's pursuing several long-term goals, including an improved customer experience and reduced operating costs.
"Blockchain is maturing toward the production phase and it is clear that it has the potential to dramatically impact financial services by improving outcomes critical to the industry such as cost of operations, capital consumption, customer experience and in some cases new business models and revenues," said Eamonn Maguire, global leader of KPMG's Digital Ledger services.
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KPMG's decision to join the WSBA will give the alliance more visibility as it develops standards for blockchain use within the financial markets. Simple adoption of the blockchain won't be sufficient for the shift to be a success. The true value of the technology's only unlocked when a common set of standards for its use is implemented. This will allow different firms within the industry to collaborate on a shared blockchain platform.
Current members
Existing corporate members of the alliance include Calypso Technology, RiskSpan, OTC Exchange Network, BlockEx and blockchain analytics platform Blockchain Intelligence Group. The addition of KPMG will provide a direct bridge between the predominantly tech-centric existing members and the industry that the alliance intends to transform.
"As one of the world's leading professional services companies, KPMG sits at the cutting edge of blockchain innovation across multiple segments of the global economy," said Ron Quaranta, Chairman of the WSBA. "We look forward to collaborating with them, as our global members and indeed the world, begin to implement blockchain innovations across financial markets and beyond."
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