Today KPMG announced its membership of the Trusted IoT Alliance (TIoTA), a group dedicated to developing the standard for open source blockchain and Internet of Things (IoT) technologies at an international level. The ultimate objective of its 50 members is to enhance the connectivity of IoT devices.
As one of the ‘Big Four’ professional service firms, KPMG is a leading player in the tech advisory space. KPMG is already heavily involved in the blockchain space. It helped Singapore Airlines develop its blockchain loyalty program, it’s assisting the Blockchain in Transport Alliance with standards, and was an advisor on the FundsDLT Luxembourg asset management project.
The TIoTA was founded in 2017 with tech startup members including IOTA, Chronicled, ConsenSys, Hedera Hashgraph and VeChain. The Alliance also boasts Bosch, Siemens, Cisco and others as enterprise members. The ultimate goal is to create an IoT ecosystem which is interoperable, scalable, and based on trusted blockchain technology.
One example of its activities is the Smart E-Mobility Challenge which aims to create a marketplace for e-mobility services such as charging stations and electricity payments.
KPMG’s US Blockchain Leader Arun Ghosh said: “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.”
As to the benefits of the membership, Ghosh stated that it “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 Alliance’s statement was also optimistic. “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,” said TIoTA Executive Director Zaki Manian.
Today’s announcement comes soon after KPMG’s 2019 Technology Industry Innovation Survey, in which 48% of respondents agreed that blockchain will change their business methods, and 41% were likely to implement it. The survey also highlighted IoT processes, with 27% ranking it as the area most likely to disrupt blockchain.