Global professional services firm Accenture is working with major global firms including Mastercard to introduce a blockchain-based circular supply chain, according to a press release published on Feb. 25.
An active user of blockchain and digital ledger technology, Accenture now intends to employ the tech as a key component to boost the circular supply chain. The term circular supply chain encompasses all stages on the supply chain, from the beginning to the end, in order to eliminate waste and improve sustainability for the environment.
Within the announced initiative, Accenture is collaborating with major global companies including cloud computing firm Amazon Web Services, blockchain supply chain firm Everledger, international development organization Mercy Corps and multinational financial services corporation Mastercard.
According to the release, the new blockchain-enabled circular supply chain capability will allow customers to identify small-scale suppliers and growers on the supply chain and make rewards by using direct payments.
Additionally, the new capability is designed to provide better management of inventory and waste elimination, transparency across the supply chain and authenticity of products.
David Treat, a managing director and global blockchain lead at Accenture, stated that applying blockchain in circular supply chain capability allows the business industry to rethink global supply chains.
Earlier today, German automobile brand Mercedes-Benz Car announced they were entering the pilot stage of a blockchain-based platform to increase transparency and sustainability in complex supply chains.