Wirecard is launching a supply chain payment platform based on blockchain technology, targeted at producers and processors of raw materials.

The prototype focuses on linking merchants with producers, capturing all business processes in smart contracts – digital contracts based on blockchain – while minimising the risk of fraud. By completing transactions this why, all steps along the commercial chain are mapped transparently in a decentralised database.

Markus Braun, chief executive of Wirecard, noted the great potential of digitising 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.”

Jörn Leogrande, executive vice president of Wirecard Labs, added: “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.”

The news follows research from Greenwich Associates this week that revealed the financial services industry is spending $1.7 billion a year on blockchain technologies, as an increasing number of institutions turn to the technology in hope of cheaper and more efficient processes.

Share Story: