KPMG Provides Consultancy Support for Blockchain Payroll System ETCH

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UK-based blockchain-based payroll system ETCH has secured support from KPMG, one of the world’s ‘big four’ accountancy firms, to help the UK firm build its operations in a compliant way.

KPMG will help ETCH formalize its work with distributed ledgers and provides full life-cycle support. KPMG’s consulting support will combine several management and risk tasks while advising the company on the best business practice for the current initial coin offering (ICO) phase, “encompassing valuations, tax implications, risk framework, governance and controls.”

ETCH is the first approved decentralized app (dapp) created with the support of the London-based Construction Blockchain Consortium, a group of leading UK champions of disruptive technology who are transforming the building environment. The ETCH platform is particularly applicable to the construction industry where the payment system can be complex and late payments can cripple otherwise successful businesses.

ETCH allows employers to pay workers second-by-second in real-time. It also unifies payroll and remittance services and reduces business inefficiencies, saving them time and cost in payroll.

The system will run on the blockchain as series of smart contracts, where both employers and employees can feed the platform with required data. Additionally, the system provides a mobile application to allow employers to track their workers’ activities.

“ETCH is a superb initiative because it provides guaranteed payments in real-time for all work completed, something that no other platform is currently known to achieve, said Chris Mills,” Head of Blockchain for KPMG UK. “There are clear and immediate benefits, particularly for low and average income workers, who make up the clear majority of the population. ETCH stands out as it leverages blockchain, mobile, and digital technologies in a customer-friendly way. It uses smart technology to power intuitive apps that deliver exactly what’s needed in a simple and neat format for those most in need of cash flow.”

“Billions of the world’s population live pay check to pay check, a situation that can lead to mounting debt, stress, and poor health,” said ETCH CEO Euros Evans. “The ETCH solution enables employers to pay their employees in real-time. If, for example, they don’t have any money at the beginning of the day, their morning’s work will mean they have enough money for lunch and other purchases.”