Barclaycard announces new B2B blockchain network

Barclaycard is teaming with Ethereum blockchain startup Crowdz to create a system for speedy transactions for businesses and institutions.

“Under the agreement, Barclaycard’s payment gateway will be integrated into Crowdz’s platform,” reads a press release. “They will then test the marketplace with a small group of clients to measure its impact on their business and refine the platform’s capability to suit real-world needs.”

Testing will take place over a 24-week period and “if successful, the trial will be expanded in the commercial space”.

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Crowdz was founded in 2014 and it claims to be the world’s first company to build a B2B e-commerce transaction network powered by blockchain and artificial intelligence (AI). It uses blockchain and the internet of things (IoT) technologies to create a business-level credit and value delivery system to allow small and medium enterprises access to supply chain financial services in a timely way.

The Crowdz-Barclaycard partnership

The partnership is a result of Crowdz’ involvement in a 2018 Barclays scheme aimed at helping to fast-track FinTech firms. Crowdz developed ZenoChain, an Ethereum blockchain application that operates via API which was created to make business transactions faster.

“Applying cutting-edge artificial-intelligence principles as well as emerging digital technologies like smart contracts and IoT tracking to antiquated and costly B2B commerce systems, the Crowdz platform allows retailers, manufacturers and brands to buy and sell products throughout the supply chain faster and more efficiently than ever before,” the company claims on its website.

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It estimates that the global B2B commerce market will exceed $25 trillion by 2020. Crowdz warns that, because only 23% of B2B global sales will be digitised, businesses will spend an extra $4 trillion a year in unnecessary costs and lost sales.