KPMG partners with BiTA – KPMG has decided to help the Blockchain in Transport Alliance by partnering with them for a blockchain technology-based solution that will help them with supporting smart warehouses; expedited and competitive shipping practices; and the evolution of brick-and-mortar to online retail business models.
BiTA announced in February that they were going to partner with one of the Blockchain Alliance’s that have a KPMG Executive on its Board of Directors.
KPMG, one of the “Big Four” Financial Firms in the world is aiming to contribute to the development of Distributed Ledger Technology (DLT) in the transportation industry.
The BiTA members said that the industry was facing problems around shipping works. And taking care of complex procedures within distribution warehouses, and managing plans of action.
KPMG partners with BiTA – There is a need for integrated layers for freight and transport industries that make the system more effective, along with reductions in cost and reduced risks as well. Although they are being addressed by DLT technology, there is a need for a common platform. Which is to standardize the blockchain implementation.
Arun Ghosh, Head of KPMG Blockchain, U.S. said “Even with major advances in technology, transport logistics remain expensive and vulnerable. Blockchain has the potential to solve these issues and disrupt many of the systems. That freight organizations have relied upon for decades. While creating greater transparency, speed, reliability, and trust within organizations’ core operations, including their supply chain.”
Talking about their partnership with KPMG, Chris Burruss, president of BiTA, said:
“We believe that blockchain will fundamentally change the transportation industry. We are very proud to have KPMG join BiTA. Their global reach and perspective across advisory, audit, and tax are invaluable in establishing the industry standards. That will determine blockchain’s use in freight for years to come.”