Advice based on in Spain announced the launch of its new platform for intercompany payments, developed under the Ethereum blockchain.
B2BPay is the name of the product offered by the Oftex companywho is responsible for creating corporate-level commercial networks in international markets.
The group-internal payment platform works with the generation of intelligent purchase and sale contracts in the Ethereum blockchainThis achieves transparency, immutability and security.
According to the information verified by the digital medium Foreign company, B2BPay works by formalizing a contract between the parties, which is then approved or changed through a smart contract in Ethereum.
With the help of blockchain technology, the buyer can store the amount of goods on the platform in the business application, which guarantees the buyer that he will only pay the seller when he receives the agreed goods.
The platform also guarantees the seller that he can collect the amount if he delivers the agreed goods to his counterpart.
According to this methodology The use of the B2BPay platform at company level and especially in the context of international business gives the parties involved in an export process security and trust.
Decentralized payments between companies
The use of blockchain technology in the corporate sector is inevitable. The blockchain introduced by some companies has already paid off in many areas, from the grocery sector to shipping line traceability of shipments, to name a few, without forgetting the financial sector, in which it had an important stake.
Experts say that companies have to accept the future of blockchain technology, its potentials and challenges. And it is precisely this institutional takeover that we have been observing in the business sector for several years, which has exploited the ability to be immutable and transparent, for example to ensure agreements between two distant parties.
With this in mind, the Oftex solution joins the efforts that many companies are demanding in the international trade sector, one of the sectors with great growth and relevance due to its economic weight in the world order.
In November 2019 Juniper Research indicated in its report that global B2B volume with blockchain could reach USD 4.4 trillion by the next 2024.
The numbers were estimated after it was revealed that this year the value of cross-border business-to-business B2B payments on the blockchain reached USD 171 billion in 2019.
And that number could rise not just in 2020 but in the years to come, considering that the latest technologies like blockchain, artificial intelligence, IoT and 5G can add $ 721 billion to the global economy over the next decade, according to estimates by Computer weekly published November 24th.