One of the “Big Four” auditors, KPMG, announced that it has launched “Digital Ledger Services” in collaboration with Microsoft. 

Also read: PwC: Blockchains Could Save Reinsurance Industry $10 Billion 

Saving Costs

Utilizing blockchain technology, this comprehensive suite of services reportedly provides financial services companies with faster and more secure transactions, streamlined and automated back office operations, and reduced costs.

According to KPMG’s website:

“KPMG’s Digital Ledger Services includes full lifecycle support – from strategic qualification and business case development to relevant use-case development, systems and operations integration, and on-going management of a company’s blockchain infrastructure.”

According to Eamonn Maguire, KPMG’s U.S. and global lead for Digital Ledger Services, years of increasing regulatory overhead have inflated operating and capital costs of financial services companies. He also said that blockchain offers promising solutions to reducing related costs.

Strategic Alliance With Microsoft

Simultaneously, KPMG announced a strategic alliance with Microsoft to work on blockchain initiatives. Microsoft will provide its Azure Blockchain as a Service (BaaS) platform to build and deploy the cross-platform web and mobile applications. Meanwhile, KPMG provides its comprehensive suite of services.

This “will help clients efficiently and securely move to the cloud for storage, while adopting disruptive Blockchain technologies,” KPMG announced.

“The global availability of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security help to enable blockchain adoption,” according to Marley Gray, director of business development & strategy for blockchain at Microsoft. “Especially in highly regulated industries like financial services, healthcare and government.”

KPMG’s Blockchain Work

KPMG also revealed that they are working with clients on several global blockchain projects. One is testing a blockchain solution for a major US Bank for global payments. Another is the development and prototyping of smart contracts in insurance.

Additionally, the firm has dedicated over 80 partners and executives to focus on blockchain. This includes its data and analytics group to focus on coding and development in support of proof of concept, prototyping and integration of blockchain capabilities.

What do you think of KPMG’s blockchain services? Let us know in the comments section below.

Images courtesy of Microsoft, KPMG, Shutterstock.

Tags in this story

Azure, blockchain services, KPMG, legacy finance, Microsoft

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.