Global management consultancy firm Accenture announced it had partnered with a subsidiary of Thailand’s oldest bank on a new blockchain tool aimed at supply chains in a press release Wednesday, Oct. 17.
In the latest implementation of the technology for Accenture, the company partnered with Siam Commercial Bank’s fintech subsidiary Digital Ventures Co. Ltd on the blockchain solution, which has already gone live with its first clients.
Known as Procure-to-Pay or B2P, it leverages R3’s Corda technology as its basis, the release confirms.
Divyesh Vithlani, head of Accenture’s Financial Services practice in the ASEAN region commented:
“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.”
The technology could offer reductions in cost and processing times while beefing up security and removing middlemen and the accompanying inefficiencies, the release notes.
According to the Oct. 17 release, SCG — a business conglomerate that also helped develop the blockchain tool — its introduction has “shown that the new platform has improved the efficiency and transparency for all parties across the procurement supply chain process.”
Accenture has targeted supply chains with blockchain before, in July partnering with Thales on an aerospace industry integration as well as publishing a blockchain logistics patent previously filed in January.