Business 25 May 2017

CoinGeek

Wyre Bot Invoices on Ethereum for Facebook and WeChat Bot

Payments company Wyre has announced it has newly launched a bot for WeChat and Facebook Messenger, an application which will authenticate invoices via the blockchain.

Transactional details can be sent through the bot, which creates and sends an invoice directly to customers. The invoice is then validated on a public ethereum blockchain, providing the verification and certainty necessary to authenticate invoice requests and payments.

It represents one of the first moves of its kind from a blockchain developer, and is seen as potentially paving the way for enterprise scale solutions that would prevent fake invoicing scams which have affected several large companies in recent weeks.

The bot, which is primarily aimed at smoothing the process of sending and receiving invoices, uses the ethereum blockchain as its core form of verification.

Michael Dunworth, Wyre’s CEO, said that the security mechanism was essential for verifying transactions and safeguarding the authenticity of invoices sent and received on the platform.

“It’s on our official wallet where you can see the input data of the hashes in the blockchain. We put it into HEX and you can convert that into ASCII, if you look at ethereum, with just the click of the button. That’s just a security measure for clients so they know the invoice did go through the Wyre bot. It’s not someone pretending they went through the Wyre bot.”

The launch has been met with excitement amongst blockchain developers, with a particular emphasis on how similar technologies could be deployed across financial services and other industries for greater efficacy in the invoicing process.

A hash of the invoice is recorded on the blockchain at hourly intervals, and visible by Wyre, the sender and the receiver only. Party identities and invoice details are not visible on the blockchain, ensuring the security and privacy of the parties involved.

Having developed their working model in under six weeks, the company is now eyeing up several other use cases, including potential support for Slack and WhatsApp.

They are also thought to be weighing up whether multi-invoice processing could be handled through the same technology.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Blockchain, Brexit, and Ireland: What will happen?

Business 1 hour ago

Blockchain, Brexit, and Ireland: What will happen?

The economic uncertainty has led many to believe that cryptocurrency might be able to play a role, since traditional currencies might not be able to stabilize through the crisis.

Read More
Cryptopia outlines eventual return as exchange resumes trading

Business 1 hour ago

Cryptopia outlines eventual return as exchange resumes trading

Co-founder Rob Dawson categorically denies that an exit scam took place, and points out that Cryptopia actually plans on reopening. For now, the crypto exchange has resumed trading on 40 various crypto trading pairs.

Read More
Galaxy Digital invests $5.25 million in Bison Trails

Business 2 hours ago

Galaxy Digital invests $5.25 million in Bison Trails

After investing his clients money at the worst possible time, Stefanos Papanastasiou is being sued for losing most of the money.

Read More