Accenture Partners With Digital Ventures to Launch Blockchain-based Commercial Solutions
Global consulting giant Accenture has partnered with fintech firm Digital Ventures to develop a blockchain-based service in order to streamline commercial bills and payment processes. The fintech firm is a subsidiary of Thailand-based financial service firm Slam Commercial Bank (SCB). The newly developed blockchain solution known as Procure-to-Pay or B2P is build using R3’s open-source Corda blockchain protocol, according to the press release.
By using the “design thinking, agile methodology and DevOps principles, along with microservices and cloud technologies,” Accenture and Digital Ventures have developed this blockchain platform. Currently, the newly developed blockchain platform handles transactions for some of the SCG suppliers.
Divyesh Vithlani, who heads Accenture’s Financial Services practice in the ASEAN region, said: “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.”
He further added: “This successful outcome is a powerful testament of the collaboration we have with our clients, while delivering value in the market at speed.”
Accenture is working on developing blockchain solutions for quite some time now and has substantial experience in this domain. Vithani also said that the new blockchain solution with Digital Ventures will introduce more use features and functionality for its customers. Furthermore, the new platform provides added transparency and efficiency to all the stakeholders across the entire procurement supply chain process.
The new blockchain solution developed by Accenture and Digital Ventures provides “a seamless integration of purchase orders and invoices between organizations, without the need for reconciliations and adjustments.”
Additionally blockchain solutions reduces fraud and substantially reduces the invoice financing time. It helps to overall reduce the cost of financing by considerably reducing the need of physical invoicing.
Digital Ventures CEO, Orapong Thien-Ngern said: “This is a breakthrough technology that offers a lot of value. Given that most supply chains involve a large number of suppliers, the complexity of integrating and reconciling all the different systems from each of the companies can be a costly, daunting and time-consuming task. Blockchain enables parties to securely share all the information without the need for extensive integration between their various technology systems.”