Blockchain applications could see further development in India after a new partnership between technology behemoth Microsoft and advisory firm KPMG, commonly known one of the “Big Four” auditing firms in the world.
Announced today, the strategic partnership will fundamentally see the two companies collaborate on the digitization of large and mid-market Indian enterprises, powered by the Internet of Things (IoT).
The outcome of the partnership could see Microsoft and KMPG clients in India deploy cloud-based automation, IoT-enabled operational insights and analytics, increased mobility among a company’s workforce and more.
Further, KMPG clients in India could soon benefit from blockchain technology specifically, with Microsoft’s expertise through its BaaS (blockchain-as-a-service) offering via its cloud platform Azure.
Rachna Nath, head at digital consulting in KPMG India said in statements:
This collaboration will help customers drive productivity and better performance, and help transform their business. KPMG in India will also extend its services to the entire spectrum of Microsoft Productivity Tools, Intelligent Cloud, Blockchain technology and Cyber security, amongst others.
Microsoft’s endeavor to participate in, develop and provide blockchain solutions has been well documented. Some of its more recent blockchain partnerships have seen a proof-of-concept ledger built for the travel industry with Webjet, an Australian hotel and online travel firm.
Meanwhile, India’s status as a global IT services industry pins the country as a viable hub for blockchain development. The signs are showing already, as Tata Consultancy Services (TCS), India’s largest IT services firm with clients both domestic and global, revealed recently that it is developing over a hundred blockchain pilots and proof of concepts for its clients. Offshore companies are plugging in to blockchain development too, as VISA, the world’s biggest payments network, revealed its plan to setup a blockchain development center in the city of Bangalore, India’s primary IT hub.
Services Firms Big on Blockchain
The world’s biggest services firms could, arguably, help deliver blockchain solutions to its clients, offering the solution as a cheaper, more efficient and faster alternative to existing infrastructure.
Deloitte is a notable example of a services firm investing in bitcoin and blockchain technology in a big way. With Rubix, an in-house team focused exclusively on developing blockchain applications, Deloitte Canada recently installed a bitcoin ATM among its offices in Toronto.
Illiana Oris Valiente, co-founder and strategy lead of Rubix explained:
We thought it was really important to show people how to get access to bitcoin, because it is really the entry point to understand the broader implications of blockchain.
Deloitte has also explained how blockchain technology could transform industries including healthcare, financial services and infrastructure and even loyalty rewards programs. A partnership with the Bank of Ireland also saw a successful proof-of-concept blockchain trial for trade reporting.
PwC is also heavily involved in blockchain development, as evident in their partnership with bitcoin blockchain startup Blockstream. The services giant also sees a partnership with New York-based blockchain startup Digital Asset. A PwC report from March 2016 summed up blockchain technology as a “once in a generation” opportunity for a technological leap in the financial services industry.
Meanwhile, Ernst & Young (EY), another ‘Big 4’ firm recently partnered with the Bitfury Group, a prominent bitcoin miner, to provide blockchain services by tapping into the latter’s expertise. Furthermore, EY Switzerland announced that it will accept bitcoin for payment of invoices from its clients from 2017, a notable announcement that shows an endorsement for bitcoin, the cryptocurrency that is powered by the most powerful public blockchain of them all.
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