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Blockchain

Blockchain

Blockchain

Recent interest and investments in blockchain has grown exponentially given its potential to disrupt existing business models, transform business processes and realize cost savings and operational efficiencies. In a world where digital trust is often under siege, blockchain technology offers a clear and transparent layer of trust for all participants. Its unique characteristics enables three disruptive capabilities:

  • Transactions of any kind of value can be made at low costs and proofed security, and cannot be reversed;
  • Smart contracts which secure and execute settlement of recorded agreements can be established at the highest execution security with a massive simplification of processes; and
  • A real-time, shared and immutable ledger network between one or more entities that is transparent and helps in preventing fraud.

While these characteristics offer exciting possibilities, the challenge is that they also bring with them their own specific risks.

 

KPMG Blockchain Technology Risk Assessment Framework

KPMG’s blockchain assessment solution is designed to help organizations understand and assess the full scope of security and technology risks associated with blockchain initatives or applications. The solution also allows organizations to evaluate the level of maturity of controls related to in-use blockchain solutions.

We have identified 10 key risk categories associated with blockchain implementations. A number of these risk dimensions are inter-dependent, driving the collective maturity of a blockchain implementation. These dimensions also take on different variations throughout the life cycle of a blockchain.

blockchain

Based on the results of the blockchain risk assessment, we provide recommendations to help organizations respond to weaknesses and develop actual controls based on the unique needs of the blockchain project or solution.

Speak with us today to find out how your organization can embrace blockchain with confidence.