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Accenture Taps the Blockchain for New Procurement Platform

Consulting and technology services company Accenture launched a new procurement solution today called the True Supplier Marketplace. The new tool taps into the blockchain to more efficiently connect buyers and suppliers.

The company originally launched the True Supplier Marketplace to solve in-house procurement headaches. Today, however, Accenture has created an external SaaS solution for its clients.

True Supplier Marketplace creates a decentralized marketplace where buyers and suppliers can connect and share data easily and securely. Additionally, the True Supplier Marketplace automates actions such as pre-populating digital contracts and providing data for invoicing and payment solutions and provides tamper-evident auditability for transactions. The tool offers the right data to the right people quickly, minimizing lead times.

The company notes that today’s launch is “just the start.” Future iterations of the tool will offer analytics and insights, provide smart contracts for downstream services, and allow suppliers to rate and review buyers.

This isn’t Accenture’s first blockchain solution. In fact, in creating the True Supplier Marketplace, Accenture relied heavily on the work it did to launch Accenture Blockchain for Contracts. And, last April, the company unveiled a tool for the employee benefit sector.

Founded in 1951, Accenture’s 505,000 employees serve clients in more than 120 countries across 40 industries. Last year the company invested $1.8 billion on research and development and training efforts.