Using WeChat or Messenger, a supplier sends the transaction details to the Wyre bot, which will generate and email a PDF invoice to all parties. Then, the invoice is hashed and stamped onto an Ethereum blockchain every hour to verify where it came from.The Wyre bot uses an Ethereum blockchain to authenticate the hash every hour as using Bitcoin would have been too expensive, according to company’s representatives.
The minimum viable product (MPV) of the bot was built in about six weeks and the company is considering other applications such as multi-invoice processing and support for other platforms like WhatsApp or Slack.
In terms of data privacy, the only information stored on the ledger is the hash of the invoice that the buyer, seller and Wyre can see. No information like names or invoice amounts are registered.
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