Today Siam Cement Group (SCG)
announced that its blockchain procurement platform has seen multiple successes over the last year. The Thailand-based firm launched the
Procure-to-Pay solution nearly a year ago with Digital Ventures for secure, efficient processes in the building materials supply chain.
SCG, the country’s largest and oldest construction materials firm, oversees the trading of steel, cement, and piping among other supplies boasting $15.3 billion in 2018 revenue and thousands of partners worldwide. Its blockchain-based platform is currently used by 240 of them, built on R3’s Corda enterprise framework.
By storing and managing purchase orders on the system, the firm ensures data is secure and immutable for easy auditing and analysis. This additionally allows for efficient invoice verification and a lower risk of fraud.
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