Accenture and Digital Ventures, a fintech subsidiary of Siam Commercial Bank, have created a blockchain to digitize the paperwork for procurement. The system is a fully integrated procure-to-pay solution using
R3’s Corda platform.
The project was developed in conjunction with Thai conglomerate
SCG and is in use with some of their suppliers.
Digital Ventures Managing Director Paisal Kiattananan said: “With outstanding features in terms of security and transparency, the system will enable all parties involved in the procurement process to view each step simultaneously. The system will automatically help verify documents, such as purchase orders, goods receipts, and invoices, significantly increasing efficiency while reducing resource consumption.”
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