By
Godfrey Benjamin
April 17th, 2024
Accenture has partnered with TradeIX to include corporate clients on the Marco Polo blockchain network.
In what seems like a perfect match, Accenture has entered into a working relationship with a blockchain startup TradeIX to begin onboarding service for clients onto the Marco Polo Network. Sources have indicated that the relationship between the two entities began after Accenture made a yet-to-be-known investment in TradeIX. Accenture will provide specific use-case scenarios that go beyond their traditional banking services to provide unique solutions that involve trade finance for clients working with TradeIX. TradeIX’s CEO and Co-Founder Robert Barnes said:
“As we talked to more corporates it became apparent there was more that we could be doing. We’re looking to enhance the data between buyer and seller… including inventory information, invoice and purchase orders, advance and shipping orders and working with contracts on the chain.”
Accenture and Marco Polo have hammered out a partnership to enable corporate clients to be able to migrate from their current legacy systems onto the blockchain. Sources indicate that Melanie Cutlan who is the Managing Director for Blockchain Services for Accenture has commented:
“We’re processing of many of these transactions already, leading the way with AI, analytics, and automation to get to a more streamlined processing With DLT, Accenture has been focused on financial services infrastructure, supply chain and digital identity – this hits the core of all three of those.”
This also shows that the decentralized ledger technology is fast gaining ground over legacy systems as the legacy systems offer strategic disadvantages and DLTs offer several strategic solutions that are hard to come by as far as legacy systems are concerned. DLT’s offer a way out that is secure, pocket-friendly and easy to maintain all at the same time.
So far, TradeIX has announced that the Marco Polo network has had quite a number of some of the biggest names in finance and related industries sign up to its network. These include Daimler, Bank of America, and Mastercard all of whom signed up in September. TradeIX recently indicated that its largest open-account trade finance trial to date with more than 70 organizations was successful and this has also brought the network into the limelight as a possible solution for several legacy systems.
Accenture also has other DLT projects that have brought it to the limelight as well. Recently the services firm was selected by the Swedish Central Bank to develop its electronic currency the e-Krona. The firm also participated in a trial for decentralized solutions that enabled cross border payments between the Canadian and Singaporean Central banks.
This is already an indication that both parties know their stuff when it comes to decentralized systems. As to the possibility of it continuing to be this way further down the line depends on their ability to manage change.