Digital financial technology company Wirecard has expanded its blockchain-based B2B portfolio to include supply chain transactions. It aims to connect merchants with producers and processors of raw materials such as coffee, crude oil, and steel. The move has been made in order to cut out intermediaries by allowing agreements on payments to be made quickly and securely.
"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”, commented Jörn Leogrande, EVP of Wirecard Labs.
The platform prototype functions by capturing all business processes in "smart contracts". Smart contracts are more resistant to fraudulent activity as every step along the commercial chain is mapped in a decentralized database, accessible by anyone.
"We see great potential in the digitization of payment processes worldwide," commented Markus Braun, CEO of Wirecard. "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."