KPMG LLP announced 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."
"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.
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