Professional service company KPMG announced the launch of Digital Ledger Services in a move to help financial services companies to implement blockchain technology.
According to the official announcement, the Digital Ledger Services is a comprehensive suite of services that is designed to help financial service firms realize the potential significance of blockchain. It utilizes the distributed ledger technology and provides faster and secure transactions, reduces costs, streamlines and automates back office operations.
"Blockchain represents not only a dramatic shift in how financial services organizations will manage transactions in the future but also how they structure their internal operations going forward. This is something that all financial services companies must be considering and accelerating," Bill Cline, KPMG's U.S. Financial Services lead said.
The Digital Ledger Services provides full support at every stage of development from proof of concept to designing use cases, deploying systems, and operations with the help of ongoing management support. The services by KPMG will incorporate strategic realization, requirements guidance, systems, and operations integration, among others.
Additionally, KPMG will expand its partnership with Microsoft that will help clients to move securely and efficiently to cloud for storage at the same time adopting disruptive blockchain technologies. The big four firm has dedicated more than 80 partners and executives all over the world, to focus on the blockchain technology.
"We're excited to be expanding our efforts with KPMG to develop blockchain services. The global availability of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security help to enable blockchain adoption, especially in highly regulated industries like financial services, healthcare and government," Marley Gray, director of business development & strategy for blockchain at Microsoft said.
Presently, KPMG is working on varied blockchain-based projects with clients including development and prototyping of smart contracts in insurance, blockchain solutions for major US bank for global payments, among others.
Last month, the big four accounting firms – Deloitte, KPMG, PwC and Ernst & Young decided to meet at Microsoft’s headquarters in NYC to discuss on establishing their own blockchain consortium.
