Financial giant and card provided JCB and Paystand, a payment network that leverages blockchain technology, have entered into an agreement to create the first end-to-end blockchain-powered B2B digital payment platform for Japanese enterprises and JCB’s customers in Japan and Asia, according to a press release from the companies.
The annual value of the transactions in the B2B market where JCB operates amounts to $10 trillion USD annually. Most of these transactions are cash payments, as only 1% of Japan’s commercial transactions are conducted through the use of a credit card at the moment.
According to the companies, this focus on pre-internet technology costs businesses in Japan between $500 billion USD and $1 trillion in lost productivity and ROI. This platform is expected to eliminate many of these circumstantial costs and to provide a few other benefits.
The expectations are that time to cash for businesses will lower by 60% through the use of digital systems that leverage a cloud-based payment infrastructure. In addition to this, through the use of Paystand’s blockchain technology, it will become very hard to intentionally (and unintentionally) commit fraud, as all of the transaction hashes will be stored on an immutable record for an easy and transparent overview.
All in all, the companies are hoping the platform will improve the payment experience for merchants, enabling them to easily integrate it in their existing workflow. initialcoinofferinglist.com