Wirecard using blockchain to connect buyers, supply chains

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Wirecard has created a blockchain-based B2B application to streamline payments for merchants buying raw materials like coffee, crude oil and steel.

The solution builds on the German company’s existing digital payments and banking platform, capturing all business processes in so-called smart contracts—digital contracts based on blockchain—so payments can be made with no additional steps, Wirecard said in a Thursday press release.

The approach minimizes the risk of fraud by transparently drawing up contracts and mapping them in a centralized database,

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