Digital Assets: KPMG Launches Chain Fusion to Bridge Analytics Across Blockchain and Traditional Assets

June 24, 2020 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2020/06/KPMG-ChainFusion-Combined.jpg

Clients in the institutional crypto asset market can address global regulatory concerns regarding system controls and processes.

KPMG, the big four auditing firm announced the launch of KPMG Chain Fusion. It is a patent-pending suite of advanced analytical tools presented in a structured model that combines data from blockchain infrastructures, and traditional systems for managing business, risk, and compliance requirements. (Blockchain News)

KPMG: As crypto-assets mature, the challenges that face institutions

  • Blockchain technology powering crypto assets is fundamentally different from the traditional financial information systems
  • Organizations must address the increasing interest of investors in crypto-assets and the blockchain, and the advent of CBDCs
  • Further, their own business processes may be migrating to the use of decentralized applications on blockchain networks
  • Institutions must efficiently and effectively integrate blockchain data alongside traditional data infrastructure to support core business functions

KPMG’s Chain Fusion ingests and structures blockchain data from different protocols alongside existing data structures from traditional technologies into a core data architecture.

Data sources may include crypto-assets providers, off-chain databases, and integrated, permissioned blockchain protocols.

The core data architecture enables advanced analytics across modules for key use cases. These include custody or ‘wallets’, proof of reserves (asset position reconciliation), and AML transaction monitoring.

Regulatory compliance

“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are a crypto asset or traditional systems or anything in between,” said Sam Wyner, director, and co-lead of KPMG Cryptoasset Services team. “If you are a blockchain or digital asset-based business, you will have separate systems for everything.”

“Leading crypto-asset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explained.

Related Story:   2020 A Gravy Train for Crypto Bad Actors; $1.36B Siphoned in Five Months

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/06/Thumbtack-screengrab.jpg
Venture Capital: Home Management Platform Thumbtack Raises $275M
June 16, 2021     News, Venture Capital

Home management platform Thumbtack enables its millions of customers to find and hire small businesses and local professionals for virtually any home-related task. It announced Tuesday that, “on the heels…

https://dailyalts.com/wp-content/uploads/2021/06/188m-Series-C-funding.jpg
FinTech: 10X, The Fintech Founded By Ex-Barclays Chief Antony Jenkins, Rakes In $187M To Scale Massively
June 16, 2021     FinTech, News, Venture Capital

Founded in 2016 by Antony Jenkins, former CEO of Barclays (LON: BARC), fintech 10X Future Technologies has raised $187 million from a clutch of bulge bracket investors. The firm’s oversubscribed…

https://dailyalts.com/wp-content/uploads/2021/06/news-cover-1-1000x550-1.jpg
Artificial Intelligence: LVMH Ties With Google Cloud For AI-Powered Experiences At Maisons Luxury Brands
June 16, 2021     Artificial Intelligence, Latest News, News

LVMH (EPA: MC) announced today its tie-up with Google (NASDAQ: GOOGL) Cloud for the development of cloud-based AI solutions. LVMH and Google Cloud will work together and deploy the latter’s…

https://dailyalts.com/wp-content/uploads/2021/06/screen-1094936_640.png
Alternative Investments: HSBC Consolidates Alternatives Units Into “HSBC Alternatives”
June 16, 2021     Alternative Investments, News

HSBC (NYSE: HSBC) has created HSBC Alternatives, an umbrella unit to house its disparate alternatives assets. It will be formed from multi-manager Hedge Fund and Private Market teams, as well…