Wirecard launches supply chain payment platform based on blockchain technology

Wirecard, the international innovation leader in digital finance technology, is expanding its B2B portfolio to include services based on blockchain.

The blockchain forms the basis for a highly efficient, global network. Among other things, between producers and processors of raw materials such as coffee, crude oil or steel – markets in which agreements on payments can be made in the future without intermediate steps.

Wirecard is expanding its existing digital payment and banking platform with the supply chain payment solution based on blockchain technology. The prototype focuses on linking traders and producers, capturing all business processes in so-called “smart contracts” – digital contracts based on blockchain technology – and handles payments.

Thus, all the steps of the retail chain, from the contract design over the assurance of the quality up to the guarantee of the origin, are shown in a decentralized database. Digitalization thus achieves the worldwide merchandise management flows in which many parties are involved today and still build many processes on analogue data carriers such as faxes or documents.

Markus Braun, CEO of Wirecard AG, says: “We see great potential in the digitization of payment processes worldwide, and today we can leverage our years of experience, for example, in payment processing in the travel and mobility industry, to make fast transactions Various stakeholders are playing a major role in bringing this process through blockchain technology to entirely new markets – which are already in great demand today – and with our global footprint, we are in a unique position to meet that need. ”

Jörn Leogrande, head of the Wirecard Labs, adds: “As part of private blockchain technology, Wirecard will initially provide the ability to interact directly through a platform and the ability to make payments, and our experience in financial and Internet technology will enable us to: For example, the technology can be leveraged to provide a comprehensive loyalty system, transparent and cost-effective banking solutions for emerging markets, and a secure, decentralized and efficient method of capture, validation, storage, approval and updating trusted KYC data. ”

Wirecard launches blockchain-based supply chain payment platform / B2B portfolio expansion to leverage blockchain potential in payments and smart contracts.

image by wirecard