Accenture Works With Mastercard, Amazon to Boost Circular Supply Chain Using DLT

Published at: Feb. 25, 2019

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.

On Feb. 23, French President Emmanuel Macron advocated the use of blockchain to innovate supply chain management in the European agriculture industry.

Tags
Adoption
Blockchain
Supply Chain
Mainstream
Mastercard
Amazon
Accenture
Related Posts
CEOs of Mastercard and Wells Fargo Concur on Blockchain’s Long Term Potential
Top execs at Mastercard and Wells Fargo agreed that blockchain technology has long-term potential, but it has not been realized to date, CNBC reports on March 28. Wells Fargo CEO Tim Sloan and Mastercard CEO Ajaypal Banga concurred that the potential of distributed ledger technology (DLT) is yet to pay off, but that there are still no clear business use-cases as of now. The executives made their comments to CNBC at the Fintech Ideas Festival on Wednesday. Wells Fargo’s CEO emphasized that the technology has been very slow to roll out, pointing at a blockchain pilot carried out between the …
Adoption / March 28, 2019
Report: Louis Vuitton, Christian Dior Owner Develops DLT Project With ConsenSys and Azure
French luxury goods giant Moët Hennessy Louis Vuitton SE (LVMH) is reportedly working with ConsenSys and Microsoft Azure to develop a blockchain platform for tracking its products, crypto media agency CoinDesk reports on March 26. Dubbed AURA, the blockchain-powered platform is reportedly scheduled to go live in May or June 2019 with two major LVMH subsidiaries: Louis Vuitton and Parfums Christian Dior. Louis Vuitton is French fashion house founded in 1854 and known for its signature LV logo, while Parfums Christian Dior is the perfumery and cosmetics line of other French fashion house Christian Dior. According to the report, the …
Adoption / March 26, 2019
US Seafood Giant Bumble Bee Foods to Use SAP Blockchain Tech in Supply Chain
North America’s largest branded shelf-stable seafood firm Bumble Bee Foods has launched a blockchain platform for seafood traceability. The project was created in collaboration with German tech company SAP specializing in enterprise software, according to a press release on March 8. Based on SAP Cloud Platform Blockchain service, the new platform can purportedly monitor the supply chain of yellowfin tuna from Indonesia to end customers. The announcement was made at the annual industry conglomerate South by Southwest Conference (SXSW) that is taking place from March 8 to March 17 in Austin, Texas, United States. Customers will purportedly be able to …
Adoption / March 8, 2019
US State of Connecticut Introduces Bill to Authorize Smart Contract Use in Commerce
A committee of the Connecticut state legislature has proposed to authorize the use of smart contracts in commerce in the state, according to official documentation introduced on March 7. The Commerce Committee of the Connecticut General Assembly (CGA) has introduced House Bill 7310, suggesting that blockchain-powered smart contracts may be used in commerce conducted or initiated in the United States state of Connecticut. The committee elaborated that any cryptographic signature or a record secured through distributed ledger technology (DLT) should be considered to be in an electronic form and an electronic record. The CGA Commerce Committee emphasized that no smart …
Adoption / March 8, 2019
Ex-Fidelity Exec Joins Blockchain Company Bloq as Chief Operating Officer
A former executive at financial services giant Fidelity Investments has been appointed Chief Operating Officer (COO) at blockchain infrastructure firm Bloq, according to a press release Oct. 23. Bloq’s new COO, Hadley Stern, spent seventeen years at Fidelity, which administers over $7.2 trillion in client assets. His most recent role was at the helm of the crypto and blockchain incubator within the company’s innovation lab, Fidelity Labs – overseeing the launch last week of its new crypto-business, Fidelity Digital Assets. Bloq’s co-founder and chairman Matthew Roszak characterized the new appointment as emblematic of the increasing entwinement of the world of …
Adoption / Oct. 23, 2018