Accenture has developed a blockchain procurement solution called True Supplier Market. This procurement solution was developed by Accenture Technology blockchain organizations and the internal IT team to address the increase in supplier demand. It is based on a blockchain network and can be accessed with a distributed application. True Supplier Market places the responsibility for supplier data with the supplier and it combines the suppliers and buyer units in one platform.
According to Accenture’s Global IT and Blockchain managing director Shane Marshall, the True Supplier Market has significantly improved their procurement process. It has reduced onboarding time for new suppliers, facilitated touchless source-to-pay processing, reduced lead times and allows timely invoice processing and payments.
In other related news, Coca-Cola has decided to increase its blockchain from two to 70 manufacturers. The blockchain solution has improved the company’s distribution operation and it also allows manufacturers to access the orders and specs of other suppliers. Credit Data and Upbit, two of the largest crypto exchanges in Korea, have teamed up for a blockchain procurement project that aims to lower the costs for their customers.