Blockchain Payment Solution For Supply Chain Developed By FinTech Firm Wirecard
FinTech firm Wirecard is developing a supply chain payment solution based on blockchain technology aimed at producers and processors of raw materials.
Wirecard provides both business customers and consumers with an ecosystem of real-time value-added services built around innovative digital payments by using an integrated business-to-business-to-consumer (B2B2C) approach. This ecosystem concentrates on payment & risk, retail & transaction banking, loyalty & couponing, data analytics & conversion rate enhancement in all sales channels (online, mobile, ePOS).
Wirecard is now expanding its existing digital payment and banking platform with a blockchain-based supply chain payment solution. It developed a prototype that links merchants with producers, capturing all business processes in smart contracts, while minimizing the risk of fraud. All steps along the commercial chain, from drawing up contracts, to quality assurance and guarantee of origin, are mapped transparently in the blockchain.
“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,” said Jörn Leogrande, EVP of Wirecard Labs.
The company said digitalization is now shaping global supply chains, where today many processes are still conducted via analogue data carriers such as fax and written documents.
“We see great potential in the digitization of payment processes worldwide,” said Markus Braun, CEO of Wirecard AG. “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.”
Leogrande said that their experience in the area of financial and Internet technology puts them in a position to be able to transfer further services with concrete application examples to the blockchain.
“For example, blockchain 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 know your customer (KYC) data.”
