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7440: Project Nakamoto: KPMG's Blockchain-Based Intercompany Reconciliation Tool

Blockchain

Regular business relationships among a parent and subsidiary can artificially increase assets, liabilities, income and expenses of companies within a group, necessitating intercompany reconciliation activities to ensure a true representation of the consolidated financial position and performance. At KPMG, we’ve experienced that most of our customers with heterogeneous IT environments rely on manual procedures for their reconciliation activities, making the process increasingly time-consuming and prone to errors. Utilizing the advantages of blockchain technology’s decentralized and consent-based nature, our intercompany reconciliation tool reduces process time by an average of 80-90% in the first year after implementation.

Topic:
Core Curriculum Blockchain
Venue:
Business Partner Showcase Theater I
Time:
Wed (February 13), 9:30AM PT

Speakers

Dirk Distelrath

Senior Manager, Digital Compliance Services, KPMG in Germany

I'm Senior Manager in the area of IT-Consulting with experience in the digitalization of Finance Business Processes. I led more than 100 different digitalization projects at a variety of companies. By managing these projects, I am able to proactively drive the development and application of the Blockchain technology while sparking a discussion about how the technology can be integrated into ERP.