The tech industry is continually forcing growth on all other industries by creating systems that can be applied to any industry at their most basic levels to improve efficiency and provide more connectivity. Blockchain technology is a perfect example of this, and Accenture has been working with the technology for years to perfect services that they could offer their clients. Their newest service “Circular Supply Chain” takes one of the most highly competitive blockchain markets of supply chain management solutions. However, the platform has an overarching focus of promoting sustainable business practices and humanitarian efforts.
What is a circular supply chain?
Accenture is using this name for their blockchain platform because the purpose is to get the most out of what is being produced and the services and labor involved in its transportation, along with the greater goal of highlighting and rewarding companies with sustainable business practices or strong support for humanitarian aid. In order to best facilitate humanitarian aid, Accenture has found support from Mercy Corps. The non-profit plans to contribute its experience working with farmers’ communities across the globe to the project.
“In this stage of the project, we are exploring possible agricultural programs in our current program portfolio to pilot Circular Supply Chain. We think it will be best suited for boutique consumer goods, for example single origin coffee, as opposed to bulk goods.” - Technology for Development team at the NGO
A circular supply chain is a production structure where the materials involved get recycled as much as possible, with discarded goods properly contained while other components and materials get re-used. Accenture intends to enroll small farms across the world giving them the opportunity to register their certificates of ecologically conscious practices on a blockchain as a part of their digital identity. Customers can then see who produced the goods they are buying and how that business is managed.
The platform will allow consumers to easily track the origin of the goods they are buying, but also allows them to send tips as a reward for responsible producers. Rewards can be sent in a form of a blockchain-based token or a fiat transfer through a new partnership with Mastercard. Mastercard has been working with blockchain technology, with several patents filed or granted within the past two years. The prototype on Hyperledger Fabric, but Mastercard can contribute its expertise in blockchain and payment systems, as well as access to communities it’s already working with.
By: BGN Editorial Staff