Thai cement producer, Siam City Cement Public Co. (SCCC), is to utilise blockchain technology as part of its supply chain management, aiming to ensure transaction transparency and security. The company will be supported by Bank of Ayudhya, whose blockchain technology will be used in the project.
The blockchain technology will support transactions between distributors, shops, and customers, as well as various types of documentation, such as purchase orders, invoices, settlements, and financing for products in SCCC’s supply chain, the cement producer said.
The pilot project also aims to reduce financial costs and transaction process, as well as increase competitiveness.
According to an IBM definition, blockchain is a “shared immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.” Blockchain networks can be used to track and trade virtually anything of value, reducing risk and cutting costs.