KPMG Joins Wall Street Blockchain Alliance; Gets a Seat on Board of Directors

According to a press release issued by the Wall Street Blockchain Alliance (WSBA), KPMG LLP, one of the big four audit firms, has joined the non-profit trade organization, which seeks to promote blockchain and DLT adoption in financial markets.

There is no doubt about blockchain technology becoming an integral part of the financial industry, and KPMG, which will also get a seat on the WSBA board of directors, will send a strong signal to market incumbents who are still on the fence.

Statement from the WSBA Chairman

Speaking on the development, Chairman of the WSBA, Ron Quaranta said:

“We are truly grateful to have KPMG join the WSBA family as a corporate member. As one of the world’s leading professional services companies, KPMG sits at the cutting edge of blockchain innovation across multiple segments of the global economy. We look forward to collaborating with them, as our global members and indeed the world, begin to implement blockchain innovations across financial markets and beyond.”

KPMG, which has operations in over 150 countries, has already been experimenting with blockchain technology and launched Digital Ledger Services last year and also partnered up with Microsoft for further expansion.

Comments from KPMG’s Digital Ledger Services Leader

Eamonn Maguire, global leader for KPMG’s Digital Ledger Services, also commented on the WSBA membership, saying:

“We are thrilled to be joining the WSBA and to have the opportunity to collaborate with some of the leading blockchain experts in the industry.”

He also went on to speak about the potential of blockchain technology to “dramatically impact financial services” as it continues to mature.

This week we also reported how American Express joined blockchain-started up Ripple in order to use their blockchain network for payment processing between the U.S and the UK. Not only does distributed ledger technology provide transparency, speed and security, it also cuts costs related to payment processing significantly.

Even though blockchain technology has been lauded by most financial institutions, a large percentage of companies is still not ready for adoption, as was revealed in a recent survey by the Association of Financial Professionals.