SCG looks to increase use of blockchain solution

Siam Cement Group (SCG) is looking to roll out its Procure to Pay blockchain solution for payment and procurement methods to 2400 suppliers by 2020, according to the Bangkok Post.

Thammasak Sethaudom, vice-president for finance and investment, has said that the company must transform its operations to chase the fast-moving blockchain trend. "Our platform has helped suppliers reduce their processing times by 50 per cent from 70min to 35min per purchase order," said Mr Sethaudom.

SCG invested THB10m (US$324,807) to develop the platform. The company is also looking at the feasibility of expanding it to its businesses in Indonesia, Myanmar, Laos and Vietnam.