KPMG joins Trusted IoT Alliance Promoting Blockchain and IoT Convergence

KPMG (Klynveld Peat Marwick Goerdeler) has aimed to assist in the fastening of the expansion of a blockchain-enabled and trusted Internet of Things (IoT). To achieve its goal, KPMG recently announced that it is joining the Trusted IoT Alliance Organization.

The mission of the Trusted IoT Alliance is,

• Set the calibre for an open source blockchain protocol.
• To support IoT technology in major industries worldwide for Fortune 500 enterprises, Blockchain developers, Blockchain technology companies.

KPMG is a network of professional service companies and one of the Big Four Auditors, accompanying Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC).

It is possible that Blockchain's distributed systems can be utilized in improving IoT infrastructure, which will further allow companies to ease business processes, enhance customer experience, and achieve important cost efficiencies via the use of IoT.

Executive Opinion

According to the announcement, KPMG's U.S. Blockchain Leader, Arun Ghosh, "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. 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."

"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,", Ghosh added.

Trusted IoT Executive Director, Zaki Manian, said, "We're very proud to have KPMG join the Trusted IoT Alliance organization. We're excited to collaborate with a leading firm that has a strong track record offering emerging technology solutions for their audit, tax, and advisory clients to anticipate and accelerate digital transformation efforts."

KPMG’s 2019 Tech Innovation Survey

In the survey, it was established that IoT processes will be one of the greatest blockchain disruptors in the upcoming three years (as expected by 23% tech executives). Although, speeding up the rate of IoT espouse overall has been challenged by the drawbacks in device security and data assurance.

IoT Alliance seeks to utilize blockchain

If Trusted IoT Alliance organization is able to utilize blockchain and other security technologies to introduce trust into IoT then following instances will take place,

• Leverage the automation potential of trusted IoT sensors with the smart contract and;
• To evaluate the ROI (Return Of Investment) of use cases enabled by trust, among other initiatives.