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Wirecard launches blockchain-based supply chain platform

Friday 15th June, 2018

Germany-based internet technology and financial services provider Wirecard has expanded its B2B portfolio with services based on blockchain.

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. In this way, all steps along the commercial chain, from drawing up contracts, to quality assurance and guarantee of origin, are mapped in a decentralised database.

Digitalisation is therefore now shaping supply chains where many processes are still conducted via analogue data carriers such as fax and written documents.

According to Wirecard, 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. For example, the technology can be used to establish a comprehensive loyalty system, cost-efficient banking solutions for emerging markets and a decentralised method for collecting, validating, storing, approving and updating KYC data.