Globally professional service company Accenture is working with large global companies, including Mastercard, to introduce a block chain circular supply chain, according to a press release published February 25.
An active user of blockchain and digital conductor technology, Accenture, now intends to employ the technology as an important component to increase the circular supply chain. The concept of circular supply chain includes all stages of the supply chain, from beginning to end, to eliminate waste and improve environmental sustainability.
In the announced initiative, Accenture collaborates 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 block-chain-enabled circular supply chain option will allow customers to identify small-scale suppliers and growers in the supply chain and reward through direct payments.
In addition, the new capacity is designed to provide better stock and waste management, transparency across the supply chain and product authenticity.
David Treat, a CEO and global blockchain leader at Accenture, stated that b lockchain in circular supply chain capability allows business to reassess global supply chains.
Earlier today, the German car brand announced the Mercedes-Benz Car that they entered the pilot phase of a block chain-based platform to increase the openness and sustainability of the complex supply chains.
On February 23, French President Emmanuel Macron claimed the use of blocks to innovate supply chain management in the European agricultural industry.