KPMG Australia spins off blockchain platform into start-up

KPMG Australia has disclosed the spin-off of its blockchain-enabled track-and-trace compliance platform, KPMG Origins, into a new start-up, OriginsNext.

The platform, which is utilised by the construction, agriculture, and waste management sectors, will now operate independently under the new ownership of OriginsNext. This new business will be spearheaded by Laszlo Peter, former KPMG Partner and ASPAC Head of Blockchain.

Under the terms of the separation, OriginsNext will own all assets originally belonging to KPMG Origins, while maintaining a collaborative relationship with the KPMG network. KPMG Australia will continue using the technology to serve existing clients and will collaborate with OriginsNext on new client projects.

James Mabbott, Partner in Charge of KPMG Futures, commented on the significance of the spin-off within the firm's innovation agenda which seeks to explore new technological applications alongside clients. "We have successfully proven that a unique application of the blockchain can enhance trust and compliance across supply chain ecosystems, and built and deployed this tool across several industries. Having nurtured the platform to this point, it's now time for this technology to 'fly the nest' - and we are excited to see where Laszlo and the team can take OriginsNext," he said.

OriginsNext aims to extend its market reach both within Australia and on an international scale under its new brand.

CEO Laszlo Peter expressed enthusiasm about transitioning to a standalone entity, which he believes will allow the platform to realise its full capabilities. "We are looking forward to building upon the strong foundation established within KPMG Australia, while charting our own course in the rapidly evolving industry ecosystems and compliance platform space aided by blockchain and AI-driven innovation," stated Peter.

Details regarding the commercial terms of the spin-off have not been disclosed.