Accenture and DHL Teamed Up to Develop Blockchain-based Supply Chain Project

•   March 14,2018
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DHL and Accenture teamed up to unleash the power of blockchain in supply chain management. The use of blockchain in supply chain analytics is to track the movement of pharmaceuticals products from their inventory to the customer to minimize the counterfeits.

DHL, a German logistics company and Accenture, a global consultancy firm have teamed up on Monday to work on a blockchain-based pharmaceuticals supply chain project. The use of blockchain in supply chain analytics enables to track the movement of ledger from its point of origin to the customer. The laboratory experiments on supply chain analytics proved that the blockchain-based project could manage more than seven billion serial numbers and more than thousand transactions per second. The tracking of pharmaceutical products has become extremely vital as more than 25 percent of pharmaceutical products sold in fraudulent markets to gain more revenue.

According to the press release of Accenture, DHL has released a trend report in cooperation with Accenture on blockchain-based technology to transform the logistic industry. The global supply chain management is so complex and diverse that it becomes difficult to analyze the varying interests and third-party investments in the supply chain industry. The report includes the initial research developments of a prototype developed by DHL and Accenture, which traces the pharmaceuticals from its point of origin to consumer and avoids the errors & losses in transportation.

The chief information officer of DHL’s supply chain development office, Keith Turner, commented, “The company foresees the exciting potential for blockchain in pharmaceuticals. Furthermore, the tie up with Accenture will help to achieve that growth in supply chain analytics and reduce the risk of counterfeits in supply chain.”

Andreas Baier, Accenture’s DHL client team leader added, “We’ve worked meticulously with DHL to understand the impact of blockchain on supply chain analytics.”

The prototype developed by DHL and Accenture is not the only thing benefiting from this trend report. The companies could use blockchain to assess management to improve transparency and traceability in supply chain analytics. As the use of blockchain in supply chain analytics is significant, the success of this new project will rely on innovative ideas and the collaboration of both companies. Furthermore, to deploy those innovative products, the companies will have to develop more viable solutions and organizational transformations.

The potential of supply chain analytics is significant for the company’s growth. The recent report of Research Beam on global supply chain analytic industry analyzes market trends, opportunities, and challenges in the market. The report highlights that supply chain analytics industry will continue grow in future rapidly. It studies the market growth in the regions such as North America, Europe, Asia-Pacific, and LAMEA. Moreover, it scrutinizes the key market players to understand the market trends and strategies to boost revenue.