NEW YORK, May 1, 2019 /PRNewswire/ -- KPMG LLP announced today that it's joining the Trusted IoT Alliance organization, to help catalyze the expansion of a blockchain-enabled and trusted Internet of Things (IoT). Blockchain's decentralized systems have the opportunity to improve IoT infrastructure, allowing companies to simplify business processes, improve customer experience, and achieve significant cost efficiencies through the use of IoT.
The mission of the Trusted IoT Alliance organization is to develop and set the standard for an open source blockchain protocol, and to support IoT technology in major industries worldwide for Fortune 500 enterprises, blockchain developers, and blockchain technology companies.
According to 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."
KPMG's 2019 Tech Innovation Survey found 23 percent of tech executives expect IoT processes to be one of the greatest blockchain disruptors over the next three years. However, accelerating the rate of IoT adoption overall has been challenged by limitations in device security and data assurance.
The Trusted IoT Alliance organization seeks to utilize blockchain and other security technologies to introduce trust into IoT, leverage the automation potential of trusted IoT sensors with smart contracts, and to evaluate the ROI of use cases enabled by trust, among other initiatives.
"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.
"We're very proud to have KPMG join the Trusted IoT Alliance organization," said Trusted IoT Executive Director Zaki Manian. "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."
About KPMG LLP
KPMG LLP is the independent U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's independent member firms have 207,000 professionals in 153 countries and territories. Learn more at www.kpmg.com/us.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.