Melissa D. Smith, CEO of WEX
5/3/2018 Q1 Earnings Call
In the Travel and Corporate Payments segment, we’re developing use cases with blockchain technology. We view blockchain as a potentially useful and even game-changing technology for certain use cases, as it can [ph] provide (12:57) additional efficiencies and reduce complexity in complex payment ecosystems. It is still in the early stages from a commercial use standpoint, but we are optimistic in the long term that this technology can play a role in our products portfolio.
So, we have a group of people that work internally on some of the long term technology trends, and I’d say, blockchain is one of them. So, there’s a number of others too. The use cases that we’re working on are places where we think you can insert a private ledger.
So, think of this private blockchain that is going to – the benefits of blockchain, speed, efficiency, transparency, security, all those things come together. And so, we have a number of those use cases. Logistics, probably the one that comes to mind, is something that is relevant. And also, as we think about this, we’re looking at ways that we can add blockchain into the arsenal that we have in terms of our overall product portfolio where it might fit a need that some of the other products don’t as well.
And so, it’s an area that we’ve been testing. I’d say, it’s really early stages for us. It’s like many of the other newer technologies. There’s a lot that is unknown, but we think it’s important to be involved in this. And so, so far that work we’ve done – we have been doing internally with a group of very talented people.
If we got forward to this and thought we needed to help externally or we thought that that will be beneficial to us then we’re not – we’d be fine with doing that as well. But at this point, we’re working on the concept of prototypes with customers that we have internal with the development that we’ve done internal.