Accenture to Create Distributed Ledger Tech Supply Chain Tool for Thailands Siam Bank

Accenture, a global management consultancy, has started a partnership with a subsidiary of Thailand’s oldest bank, Siam Commercial Bank. Accenture will start to work on a new blockchain tool aimed at supply chains together Digital Ventures Co. Ltd.

The new solution is already being used by some clients of the company and will be known as Procure-to-Pay or B2P. This technology will leverage R3’s Corda technology.

The head of financial services in Accenture, Divyesh Vithlani, has commented that the outcome of the solution is very tangible and that it is efficient and represents an important cost reduction that can add convenience to the stakeholders that are experienced with the platform.

As supply chains are very complex and have tons of paper trails, this is one of the industries that is having a higher impact from the blockchain technology and multiple companies are starting to create new solutions that will simplify these supply chains, cut the middlemen and start to use the innovation to make the sector more efficient.

This way, both cost and time can be cut considerably, which is part of the reason why this initiative was started by these companies.

Back in July, Accenture has partnered with Thales on an aerospace industry integration as well as the publishing of a blockchain logistics patent.