B2B payment and billing company PayStand has announced that it is leveraging blockchain in a new way for enterprise payments that enable its customers to certify and notarize payments on the blockchain, ensuring that the history of payments are secure, auditable, independently verifiable, and free of tampering.
According to the company blog post, the digital notary using blockchain technology enables organizations to have an independent, decentralized and cryptographically secure way to verify that a payment has been made and its information has not been tampered with. This increases the security & audit capabilities that enterprise desperately need.
“Since the founding of the company, PayStand has been a huge believer that blockchain has the ability to radically transform financial services. Our newest blockchain certification product demonstrates our continued commitment to help enterprises leverage cutting-edge and digital native technology to improve their payment, invoice, and billing process,” Jeremy Almond, CEO of PayStand said.
PayStand uses the core feature of blockchain called immutability, which guarantees that the electronic record can’t be altered; creating a payment history that is secure, certified, and fully auditable.
“As the world becomes more digital and physical paper trails become less common, we need a way to ensure that payment records have not been modified; blockchain certification is a novel new approach. The advantage of a blockchain certified payment receipt is that it creates a greater trust for all parties, enables added compliance and transparency in the system, makes for better digital tracking, reduces errors, and identifies fraud more easily,” the release stated.
