IT consulting firm Accenture has partnered with several multinational enterprises such as Mastercard to launch a blockchain-based circular supply chain.
Accenture, which has a keen interest in blockchain and distributed ledger technology, aims to use the tech as a main element to improve the circular supply chain.
The expression circular supply chain encircles all phases on the supply chain. The blockchain based system aims to remove waste and enhance environmental sustainability.
As per the program, Accenture will partner with several multinational firms including Amazon Web Services-a cloud computing firm, Everledger-a blockchain supply chain firm, Mercy Corps-global development organization and financial service provider Mastercard.
The release also states that the new blockchain-based circular supply chain capability allows clients to track small suppliers on the supply chain and reward them with direct payments.
The new features to be provided in the system will enable better management of waste and inventory elimination, product authenticity and supply chain transparency.
Accenture’s managing director and global blockchain lead David Treat opined that the use of blockchain to improve capability in circular supply chain would encourage the industry to reassess global supply chains.
Yesterday, German automobile manufacturer Mercedes-Benz announced the entry into the trial phase of a blockchain-based platform to boost the sustainability and transparency in intricate supply chains.
Last week, French President Emmanuel Macron suggested the use of blockchain to enhance supply chain management in the European agriculture sector.
