Even when the cryptocurrency world is facing ups and downs, blockchain is utilized by every sector regardless of whether it is a startup company or a giant multinational company. Startup companies are making use of the basic strengths of blockchain technology.
Tradeshift is a startup company, which is a leading player in supply-chain payments and marketplaces launched a new service today. The service enables blockchain based finance or writing every transaction to a public ledger in purpose to give more transparency and secured record.
The service platform doesn’t involve currencies such as Bitcoin or Ethereum,“having the transactions on a public ledger ensures complete transparency. Also, the ability for companies to prove that they have legit transactions,” says CEO and co-founder Christian Lanng.
The Tradeshift cloud platform is launching “Tradeshift Pay” which will provide supply chain payments, supply chain finance, and blockchain-based early payments together into one unified end-to-end solution.
The startup is targeting at a $9 trillion problem. As a result of conventional payment practices and the discontinuity between huge business buyers, sellers, and suppliers, the capital is trapped in “accounts receivable.” But when considering the case of small suppliers this will act as a boon because suppliers who find it hard to get paid when their invoices aren’t mapped to a ledger as strong as a blockchain.
With this innovative wallet, buyers can utilize numerous other options for payment including virtual card payments of invoices and purchase orders, dynamic discounting, supply chain finance through bank partners, or blockchain-based payments.
Image source: Techcrunch