Accenture and Digital Ventures launch blockchain trade solution

Thursday 18 October 2018 08:32 CET | News

Accenture and Digital Ventures have co-developed and launched a blockchain solution to allow companies to buy and sell goods, make and receive payments, and obtain financing.

The companies claim the solution uses the world’s first integrated procure-to-pay solution on the Corda platform from software company R3.

The solution was created with SCG, a business conglomerate in the region, using design DevOps principles, along with microservices and cloud technologies. Digital Ventures’ blockchain solution for procure-to-pay, also known as “B2P”, is already in production use, handling transactions with selected SCG suppliers.

SCG says the new platform is aimed at improving transparency for all parties across the procurement supply chain process, while minimising human errors and integrating purchase orders and invoices between organisations without the need for reconciliations and adjustments.

According to the company’s pitch, this platform can reduce invoice financing time and prevent fraud – made possible by less physical billing and the integration of suppliers into Thailand’s e-tax invoice program, freeing up time to perform other value-added activities.

The platform’s design and implementation were completed in five months, overcoming a series of technical challenges, including integrating multiple systems for purchase orders, goods receipts, invoices and payments.

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Keywords: Accenture, Digital Ventures, blockchain, trade, payments , financing , procurement, invoice, invoice financing, Procure-to-Pay
Countries: World