Accenture, Siam Bank Subsidiary partner On Blockchain Supply Chain Tool

Accenture, the global management consultancy firm, has partnered with Digital Ventures Co. Ltd, a subsidiary of Thailand’s oldest bank – Siam Commercial Bank – for introducing a new blockchain tool to companies involved in supply chain management. The product has already gone live with the clients of Digital Ventures.

The blockchain solution, referred to as Procure-to-Pay or B2P, is based on R3’s Corda platform.

Head of Accenture’s Financial Services practice in the ASEAN region, Divyesh Vithlani spoke about the product and blockchain solution in general:

“The most exciting part of the blockchain solution is that the outcome is so tangible: the efficiency improvement, the cost reduction and the convenience that all stakeholders have experienced with this platform.”

Supply chains signify an enormously complex business, as a consequence of which numerous players have started implementing blockchain-based advancement in the sector. The technology could present cost savings and lower processing times while boosting security and expelling intermediates and the associated inefficiencies, the release notes.

SCG, a business giant that also assisted in building the blockchain tool, has claimed that the “new platform has improved the efficiency and transparency for all parties across the procurement supply chain process.”

Accenture has focused on supply chains with blockchain previously. In July, the firm has partnered with Thales on aerospace sector integration. Furthermore, it Accenture published a blockchain logistics patent earlier filed in January.