Read Watch

Tradeshift Turns to Blockchain to Address Late Payment Problem

{{article.creator.firstname}} {{article.creator.lastname}}
Editor Coda
May 25, 2018

It would seem that start-ups are taking full advantage of the technology blockchain, and it’s potential offerings. 

Tradeshift, a leading player in supply-chain payments and marketplaces, has announced a service this week which enables blockchain-based finance, or writing all transactions to a public ledger in order to create transparency and securing a record.

Christian Lanng, CEO and Co-Founder at Tradeshift, said “while this doesn’t involve the use of currencies like actual Bitcoin or Ethereum, having the transactions on a public ledger ensures full transparency and the ability for companies to prove that they have legit transactions.”

In essence, Tradeshift’s cloud platform will bring supply-chain payments, supply-chain finance and blockchain-based early payments together into one unified end-to-end solution, called Tradeshift Pay.

They are setting their sights on a $9 trillion problem, which is the capital trapped in accounts receivable as a result of old-fashioned payment practices and the disconnection between large business buyers and their suppliers.

This solution could be a boon for small suppliers that find it hard to get paid when their invoices aren’t mapped to a ledger as strong as a blockchain.

With this single unified wallet, buyers can use several payment options, including virtual card payments of invoices and purchase orders, dynamic discounting, supply-chain finance through bank partners or blockchain-based payments.

 

For more information on Tradeshift visit https://sharespace.digital/supplier/tradeshift 

To find out more about blockchain you can read this short article Bursting the Blockchain Bubble
 

To read this article you have to be registered.

Become a member to access all content and / or download it