Wirecard launches supply chain payment platform on blockchain
Prototype focuses on linking merchants with producers, capturing business processes in smart contracts
Paytech firm Wirecard is expanding its digital payment and banking platform with a supply chain solution based on blockchain.
The prototype focuses on linking merchants with producers, capturing business processes in smart contracts.
Wirecard says 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 decentralised database.
Markus Braun, CEO of Wirecard, says it sees “great potential in the digitisation of payment processes worldwide”.
Jörn Leogrande, EVP of Wirecard Labs, adds: “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, decentralised and efficient method for collecting, validating, storing, approving and updating trustworthy know your customer (KYC) data.”
