Useful applications for blockchain technology seem endless. Use cases for the technology are coming up every day. In the latest, Accenture introduces a blockchain solution that will facilitate simple transactions for companies. According to a press release, the solution will simplify the way businesses obtain financing.
The move involves a Thailand-based fintech startup company, Digital Ventures. Together, the firms will develop “the world’s first fully integrated procure-to-pay solution on the Corda open-source platform from enterprise blockchain software firm R3,” the news release adds. Digital Ventures is a subsidiary of Siam Commercial Bank.
Interestingly, Accenture is not new to blockchain. Last year, the business services conglomerate partnered R3 towards exploring frontiers of blockchain. As a result, the companies developed Corda, which interestingly provides basis for the new blockchain procurement solution.
Further, the company is working with several other blockchain startups including Ripple Labs and Hyperledger. The company is also the founding member of Enterprise Ethereum Alliance (EEA).
The development of the digital solution is the company’s biggest step into the blockchain sector. The solution leverages Accenture’s long running expertise in blockchain. Further, it draws from the firm relationships the company has, PYMNTS observes.
The procurement blockchain solution involves input from SCG, a leading business conglomerate in the ASEAN region. PYMNTS adds that with extensive knowledge of the ASEAN blockchain landscape, SCG ensures that the solution satisfies procurement needs.
The solution incorporates an agile methodology and DevOps principles. Basically, this makes it highly adaptable and flexible enough to fit a company’s custom needs. Additionally, it uses design thinking which facilitates the ability of the solution to change which industry dynamics.
Central to the success of the solution will be the meaningful sector-wide collaboration, notes Divyesh Vithlani. According to PYMNTS, Vithlani is the head of Accenture’s ASEAN Financial Services operations. He further adds that blockchain holds much more promise towards facilitating efficiency, cost reduction and convenience.