Dutch accounting firm KPMG has launched Digital Ledger Services, a suite of services designed to help financial services firms implement blockchain technology into their business models, in Canada.

The service utilises the distributed ledger technology and provides faster and secure transactions, reduces costs, streamlines and automates back office operations.

The suite of services provide full lifecycle support – from strategic qualification and business case development to relevant use-case development, systems and operations integration, and ongoing management of a company’s blockchain infrastructure.

The service, according to the company,  will combine management consulting and risk consulting proficiency in financial processes with regulation as the backbone.

KPMG added that its specialised in-house coding and development will also be offered to the clients as part of the services.

Lian Zerafa, Canadian lead for financial services consulting for KPMG, said: “Distributed ledgers as exemplified by blockchain are an exciting way to rethink how contracts between multiple parties can be reliably and securely executed without the need for central intervention. It engenders agility, trust and traceability and opens up entirely new ways that parties can interact with each other, whether for basic payments or more complex activities such as identification or providence verification.”

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By GlobalData

Also, KPMG has expanded its existing partnership with Microsoft to work on blockchain initiatives. Microsoft will provide blockchain as a service platform, and KPMG will provide its suite of services in order to help clients move to the cloud for storage while adopting blockchain technologies.

Marley Gray, director of business development & strategy for blockchain at Microsoft, said:  “We’re excited to be expanding our efforts with KPMG to develop blockchain services. The global availability of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security help to enable blockchain adoption, especially in highly regulated industries like financial services, healthcare and government.”

KPMG also revealed that currently it is working with clients worldwide on a range of global blockchain projects. Among these projects is the qualification of a blockchain solution for a major bank’s global payments, the development and prototyping of smart contracts in insurance and involvement in blockchain workshops across Canada and Europe.