Invox Finance--Solving the Issues of Invoice on the Blockchain

nicholas83 (56)in #cryprocurrency • 6 years ago (edited)

The problems facing the conventional invoicing system are manifold. This is from having no contact among parties transacting business, to fraud, to entities going insolvent after a product or service has been delivered, to disputes regarding a product delivery and/or service completion.

Of course, these issues are fertile ground for dispute. If we operated in a system where redress was not costly, this would be less of a problem, but the high cost of litigation exacerbates these issues, so much so that wronged parties may be deterred from taking action against many unsavory characters.

Prior to the incarnation of the blockchain, it was taken for granted that these were unsolvable issues. However, Invox Finance, “a decentralised peer-to-peer invoice lending platform,” has used the genius of the blockchain to address the problems that have beset the invoice space ever since its creation.

By allowing “sellers, buyers, investors and other service providers to directly connect, interact, share and distribute information” Invox Finance has removed the intermediaries from the sector thus creating a more trusting environment due to the transparency that is created between parties via the blockchain. In addition, participants are rewarded based on their performance.

Cheaper than the Present System

Using this revolutionary product, Invox Finance will also offer lower interest rates than those of the entities operating with the traditional system. But it gets better. How so? It is free. The fact that this is the case should come as comfort to SMEs, seeing that some “40% of these entities suffer from cash flow problems.” An added bonus is that investors will be “better able to diversify and reach out to a large variety of industry sectors that they were previously incapable of reaching.”

Concerning the latter, it is important to note that diversifying ones portfolio is the best way for any enterprise to remain in business. The Invox Finance approach means that many more businesses will be guaranteed survival because of this access. Taken into consideration that this space is valued at close to USD 3 trillion, then one can appreciate how stellar this product offering is.

Video Summary

Use case

Meet Donnovan, a carpenter who, from time to time has cash flow problems. Instead of utilizing bank overdrafts, he uses invoicing. Recently, his financier told him that he will raise the interest rates of the invoice from 1% to 3 %, to cover the losses he has incurred from being fleeced several times in a month by someone he was transacting business with. An anent that, he has never met the person. As a result, he too is having cash flow issues. Donnovan confides in a friend that he is unable to pay this exorbitant interest rate. A friend tells him about Invox Finance. He does his research. Likes what he sees and uses it, not only to solve his cash flow problems, but he also invests in their tokens and uses it to gain passive income.

Invox Finance Compensates

For the cash-strapped, Invox Finance provides great potential. The financially challenged will appreciate the potential for passive income through participating in their token sale which “will run from the 15th March 2018 (00:00 CET) to the 23rd March 2018 (23:59 CET).”

Let us be frank, the prospect for job growth is abysmal. We are at the tail end of the industrial age. Many of the jobs we take for granted now will disappear in our lifetime. Seeking alternative means of earning an income is necessary, and this is one way in which Invox Finance can assist many who are struggling financially.

Safe & Secure

Built on the most user friendly blockchain platform—Ethereum. Invox Finance is set to bring improvements to the current system through utilizing and improving upon current technology by using smart contracts. Now, given a choice between the potential for human error or the certainty of mathematics is a no brainer.

The team of erudite individuals with a combined experience running into decades, is acutely aware that this is a prime reason the blockchain is upending the present system. Obviously therefore, security is not only to be found in the smart contracts nor the years of experience. It is also in the types of experience. The team boasts expertise in many areas other than blockchain. With resumes like these, there is no reason to believe this project will not be a great one.