Danny McCance 22 Jul 2019 02:10pm

KPMG in blockchain tie-up with Microsoft, R3 and TOMIA

The Big Four firm has joined forces with the companies to harness blockchain and develop a “real-time settlement network” for the telecoms industry

KPMG will work alongside technology giant Microsoft and blockchain providers R3 and TOMIA to help solve the issue of tracking and settling interchange fees for telecoms companies.

Arun Ghosh, a blockchain leader at KPMG US, said that the global revenue for international mobile data roaming is expected to reach $31bn (£24.8bn) by 2022.

However, there are associated issues for telecoms companies caused by the “highly complex network of transactions that exist in the industry” in which they are left to manually manage settlements.

He added that “closing the financial gap associated with increased data usage across continents ultimately rests on the consumer’s shoulders”.

Last month, KPMG US began working with IBM, Merck and Walmart on a project that uses blockchain to track pharmaceuticals through supply chains to try and help reduce the number of counterfeit drugs available and prevent medical shortages.

In February, KPMG US partnered with blockchain specialist Guardtime, a provider of digital services and blockchain-enabled business processes, in order to help clients going through digital transformation.