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Tradeshift fires-up blockchain to address late payment problem

While the cryptocurrency world continues to swirl around in a daze of troughs and highs, startups are continuing to make use of the fundamental underlying strengths of blockchain technology.

A new entrant in this race is Tradeshift, a leading players in supply-chain payments and marketplaces, which is today launching its new service which enables supports blockchain-based finance, or writing all transactions to a public ledger in order to create transparency and securing a record.

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,” says CEO and cofounder Christian Lanng.

SO what this all means is that 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 aiming at 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.

In other words, this could be a boon for small suppliers who 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.

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