The product range with analysis functions, which is based on crypto-asset data and infrastructure products, is intended to enable financial services companies to offer crypto-asset functions and services in institutional quality.
The nature of the block-chain technology that drives crypto-assets such as Bitcoin and Central Bank Digital Currencies (CBDC) is fundamentally different from the traditional information systems that underlie the existing financial market infrastructure. With the new product called Chain Fusion, the auditor aims to provide solutions for companies to the increasing pressure from investor demand and technological innovation.
In a press release the company states:
The year 2020 has put the resilience of the crypto ecosystem to the test, yet institutionalization continues to accelerate globally. With increasing definition through global regulation, macroeconomic impact on investment trends and the rise of CBDCs.
While many financial services institutions already provide crypto-asset services, the number of traditional companies offering crypto-asset functions and services is increasing. KPMG's new applications are designed to enable companies to serve clients on an institutional level and to better address regulatory challenges, namely
- Cryptographic proof of assets held in custody
- Provision and integration of custody functions
- Transaction monitoring for anti-money laundering
Data model combines blockchain data and traditional systems
KPMG Chain Fusion is a range of analysis tools for the blockchain industry based on crypto-asset data and technology products. The tool uses a structured data model that allows data from the block chain infrastructure and traditional systems to be merged and combined.
The tools enable seamless interaction across blockchain protocols and traditional systems by including and structuring blockchain data from different protocols into a core data architecture. The model is designed so that network and market data can be used for -, transactional data from off-chain databases, and integrations with leading approved block chain protocols.
"Regulators and auditors expect fully implemented controls and processes within and across a crypto-asset business. This is true regardless of whether crypto-asset or traditional systems are involved. Technology solutions can meet the process and control requirements within their systems, but the greater challenge is to ensure that they can work together. - Sam Wyner, Director and Co-Head of the KPMG Crypto-asset Services team.