German payments technology firm Wirecard has introduced a supply chain payment platform, powered by blockchain technology.
The platform aims to connect merchants with producers, by capturing business processes in blockchain-based digital contracts.
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The payments firm said that the move will enable mapping of various steps along the commercial chain such as drawing up contracts, quality assurance, and guarantee of origin in a decentralised database, as well as reduce the risk the fraud.
Wirecard CEO Markus Braun said: “We see great potential in the digitisation of payment processes worldwide.”
Wirecard Labs EVP Jorn Leogrande added: “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 KYC data.”
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By GlobalData
