Wirecard launches supply chain payment platform based on blockchain technology

Wirecard, the international innovation leader in digital financial technology, is expanding its B2B portfolio with services based on blockchain. The blockchain forms the basis for a highly efficient global network. For example, between producers and processors of raw materials such as coffee, crude oil or steel – markets in which agreements on payments can be made in future without intermediate steps.

Wirecard is expanding its existing digital payment and banking platform with the supply chain payment solution based on blockchain technology. The prototype focusses on linking merchants with producers, capturing all business processes in so-called “smart contracts” – digital contracts based on blockchain – while minimizing the risk of fraud. In this way, all steps along the commercial chain, from drawing up contracts, to quality assurance and guarantee of origin, are mapped transparently in a decentralized database. Digitalization is therefore now shaping global supply chains where today many processes are still conducted via analogue data carriers such as fax and written documents.

Markus Braun, CEO of Wirecard AG, said: “We see great potential in the digitization of payment processes worldwide. Today we can use our years of experience, for example in payment processing within the travel and mobility industry, in which fast transactions to various stakeholders play a major role in bringing this process via blockchain technology to completely new markets – which already have a great demand today. With our worldwide presence, we are in the unique position to meet this need.”

Jörn Leogrande, EVP of Wirecard Labs, commented: “Within the framework of the private blockchain technology, Wirecard initially maps the possibility of direct interaction via a platform as well as the possibility for payments. Our experience in the area of financial and Internet technology puts us in a position to be able to transfer further services with concrete application examples to the blockchain. For example, the technology can be used to establish a comprehensive loyalty system, transparent and cost-efficient banking solutions for emerging markets and a secure, decentralized and efficient method for collecting, validating, storing, approving and updating trustworthy KYC data.”

Source: Wirecard

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Categories: Blockchain

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