Web 3 continues the evolution of the internet, from its beginnings as a largely static, one-way exchange of information, to the dynamic, interactive and personalized experiences of Web2, where a few centralized content providers have amassed fortunes by monetizing their users’ content and personal information.
Web3 has the ability to decentralize the web and put users back in control of their own personal information and other assets. It’s built on technologies including blockchain, cryptoassets, non-fungible tokens (NFTs) and smart contracts. It plays nicely with the Metaverse powered by augmented reality/virtual reality (AR/VR). It enables the secure and seamless movement of data and assets across systems and experiences and replaces trust with certainty.
More importantly, it enables new and innovative business and operating models that almost any industry can take advantage of — not sometime in the future but starting now. Designer handbags, for example, are sold today along with NFTs designed to combat counterfeits. Video games now allow users to monetize content they create. Its potential to reshape everything from medical records to insurance products can’t be overstated.
This is perhaps nowhere more evident today than the impact cryptocurrency is having on financial services.
Industry disruption is here today, too. New crypto-native companies are reimagining digital banking even as traditional institutions are launching new products and services designed to attract the business of customers who as a whole are transacting billions of dollars of digital currency every day.
Cryptoasset products are underpinned by a complex and novel infrastructure, with blockchain at its core. Surrounding the technology is an equally complex web of regulatory requirements, and the security requirements are almost unimaginably large. Massive scalability must be built-in from day one. And for added fun, these new systems must integrate with existing traditional data systems.
Traceability at scale, for example, requires automation of risk management and controls — not a typical technology skill you’ll find at most engineering-first firms.
That’s why leading institutions turn to us. We bring a diverse team of highly skilled professionals to every project, including crypto specialists, cyber security professionals, technology architects, data scientists and more — even our Tax and Audit professionals play an essential role in delivering an approach designed to check all the boxes.
Our alliances can give you ahead of the curve insights and access to key industry leaders. See them all >
Chain Fusion® by KPMG is our patented suite of advanced crypto accelerators designed to speed your adoption of trusted cryptoasset capabilities by ingesting and structuring data from different blockchain protocols and more traditional systems. It then creates a single, consistent data architecture that enables thorough interactions across blockchains, your existing systems and other external data sources.
Its consistent data architecture also enables advanced analytics across modules for key use cases, including custody or “wallets,” proof of reserves (asset position reconciliation) and AML transaction monitoring. And it opens the door for analytics that extends across key enterprise functions, including security, finance, risk management, compliance and audit.
Chain Fusion has been shown to cut development cycles in half, and we’ve tested it with our clients in financial services and consumer electronics. Instead of promises and lots of handwaving, we’re happy to show you it in action. Just ask us.
The majority of venture capital and institutional investors plan to increase their metaverse investments over the next five years, according to a new survey from KPMG LLP. Over 90 percent of investors predict the metaverse is the next phase of the internet and envision a future in which it is increasingly utilized for work meetings, trainings and learning experiences.
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Cliff Justice
National Leader of Enterprise Innovation
+1 713 319 2781
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