KPMG LLP announced its partnership with the Blockchain in Transport Alliance (BiTA) to help develop blockchain standards for the transportation industry, which is currently confronted with managing the complexity associated with supporting smart warehouses, expedited and competitive shipping practices, and the evolution of brick-and-mortar to online retail business models.
While blockchain can address these challenges, a common foundation is needed across freight and technology organizations. While they are becoming increasingly interconnected and interdependent globally, sustained business growth is dependent upon reducing the costs, risks and security issues associated with current transport logistics systems.
According to KPMG’s U.S. Blockchain Leader Arun Ghosh, “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.”
“We believe that blockchain will fundamentally change the transportation industry,” said Chris Burruss, BiTA President. “We are very proud to have KPMG join BiTA. Their global reach and perspective across advisory, audit and tax is invaluable in establishing the industry standards that will determine blockchain’s use in freight for years to come.”