KPMG Report Says US Customers Are Ready To Use Blockchain Tokens

KPMG Report Says US Customers Are Ready To Use Blockchain Tokens

Blockchain News
September 26, 2019 Editor's Desk
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According to the latest survey by the “Big Four” accounting firm, KPMG, blockchain-based digital currencies are ready for primetime.  Earlier today, the global professional services firm published a study that reveals that maximum US consumers, no matter what their age or background is, are willing and eager to use digital tokens like cryptos for their
KPMG Blockchain

According to the latest survey by the “Big Four” accounting firm, KPMG, blockchain-based digital currencies are ready for primetime. 

Earlier today, the global professional services firm published a study that reveals that maximum US consumers, no matter what their age or background is, are willing and eager to use digital tokens like cryptos for their payment transactions. 

The key findings of the study suggested that nearly 63% of those who were surveyed stated that they think digital assets are an easy method of payment transactions and approximately 55% believe that digital assets will enable them to make constructive use of loyalty rewards. The results definitely came as a surprise as only 1/3rd of KPMG’s own customers said that they were aware of blockchain technology. 

In a press release, the head of KPMG’s US blockchain division, Arun Ghosh, said:

“Tokenization is ushering in the next generation of commerce. It provides inspiring new ways to classify value, either by creating new assets or reimagining traditional ones, sustained with the security and transparency of blockchain.”

Being one of the biggest global accounting firms, KPMG applies blockchain for providing tax services to various businesses in the world and auditing financial records. The firm has done significant work with the distributed ledger technology (DLT). 

Recently, KPMG launched a digital loyalty program for the airline customers through its collaboration with both Singapore Airlines and Microsoft. The firm operated in more than 150 companies around the globe. 

The survey, carried out by the Ketchum Analytics research firm, found that 1,000 US residents “balanced to ensure national representation.” The report further notes the utility of blockchain-based assets for the loyalty-reward programs of businesses. Out of those surveyed, 82% said they would consider using digital tokens for their existing loyalty program, and around 81% said that they would potentially trust the tokens that they received through a loyalty system. 

As per the study, the main challenge faced right now is that there aren’t enough businesses that use digital assets for loyalty rewards. 

KMPG also stressed that the businesses that do not have a loyalty program set up already, and aren’t making good use of digital tokens as rewards, are missing out

“By using tokenization, companies can develop new forms of value exchange within an existing network, such as allowing consumers to use loyalty points for purchases with different merchants,” said Ghosh.

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