Consulting company Accenture is collaborating with major global firms to introduce a blockchain-enabled circular supply chain, according to a press release published on Feb. 25.
The consultancy firm, which has worked on several blockchain-based projects in the past year, is planing to use the technology to improve the circular supply chain. In circular supply chains, materials are recycled as much as possible, with the goal of eliminating waste and improving sustainability for the environment.
According to the press release, Accenture is partnering up with major companies such as Mastercard, Amazon Web Services, blockchain startup Everledger, and international development organization Mercy Corps. The goal of the collaboration will be to explore solutions that empower consumers, enable transparency and promote financial inclusion for small-scale producers.
The blockchain-enabled circular supply chain will allow consumers to track the place of origin of the products they are buying, and also check if the producer has a certification for sustainable practice. Rewarding responsible producers through a tip will also be possible, either with a blockchain-based token or a fiat transfer.
The circular supply chain capability will also enable producers, manufacturers and retailers to better manage their inventory and reduce waste. It will also improve transparency across the supply chain, and ensure the authenticity of produce. Tara Nathan, executive vice president for humanitarian issues and development at Mastercard, had this to say regarding the collaboration:
“Through our work with smallholder farmers in Kenya, India, Mexico and elsewhere, we’ve deployed digital solutions helping to drive commercially sustainable social impact — and we understand that collaboration is essential for this journey.”