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.
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.”