Invox Finance Platform | Invoice Lending on the Blockchain

Normally when you are doing business with another company what you do is you get asked to provide a price, you provide the price as a seller. the buyer then sends you a purchase order, you then supply the agreed goods and the work order is signed off, completed or there's a proof of delivery if you're selling products. And then the invoice is sent by the seller to the buyer. So, that's in a nutshell that's how the business is conducted in the world and it's the same throughout the world. Everybody does the same thing pretty much and Europe is the largest player in the invoicing finance global market. One point nine trillion dollars in a year. It's quite incredible, the whole market is valued at two points eighty-five trillion US dollars a year. So, we're talking market that is applicable to nearly every business on the planet. The blockchain that they're using is the ethereum blockchain. It's an ERC20 token. Ethereum smart contracts will be used and they will have dynamic invoice smart contracts to eliminate the use of paper and other around antiquated resources.

They will also use smart contracts for the loans as well and all the users will access through the hub and the users will be the seller, buyer, investor and also third-party service providers are applicable. Dynamic smart contracts will be deployed to the ethereum main net and these allow dynamic invoices to be created on the ledger and they store all the information such as the verification status and any cash advances made already etc. The loan smart contracts will also be deployed on the ethereum main net and these enable the flow of money between the investors, sellers and the buyers. They also can direct funds to a specific party if applicable. Aside from all the usual advantages that the blockchain brings you in terms of transparency and immutability and security being distributed etc. You will also have for this particular business a more advantages as well and for the dynamic invoice smart contracts what will happen is you will register as a seller and put your invoice on the system using the hub and then any potential investors will come along and verify the invoice with the buyer as well to make sure it's all accurate. They don’t want to be taking on a false invoice to the buyer.

The seller will also be able to grant access, control the privacy of the invoices and the information as well. There will be a search functionality, once the invoices get settled, the invoice smart contracts will distribute back the value of the invoice to the seller. Also, anything payable to the investor and they'll get paid in interest as well. You can also involve third parties this way and third parties would be for example the personal properties and security register in Australia that allows security interests to be registered and there are obviously similar bodies in US, Europe and other jurisdictions. Also, there will be a dispute resolution service as well. So, that that will be able to provide reliable evidence to a corpse or mediators if there's a further problem with the invoice. To give you an idea how expensive it’s going to be to execute a dynamic invoice smart contract. It will cost you around 70 cents and this is quite cheap. There will obviously be a fee return to the platform as there has to be, they’re not going to work for free but if you are adding a dynamic invoice to the system that's what's going to cost you.

The advantages over using this dynamic invoicing smart contract, your records are secure, it’s going to be easy to use and automate it as well. So, you don’t have to fiddle around too much. Lower interest rates and insurance obviously from traditional methods. Secure reporting as well. Integration with other software, there will be an API interface that will function with major accounting software platforms and other payment applications etc. Your data, integrity of data will be coded to the contract so you don't need third parties to adjudicate or look over paperwork etc. And of course, the biggest selling point here is the lower cost of implementation so no need to make your own software or do anything else. The ethereum network will act as a virtual machine, as a paper use system and you basically just use the system and you pay every time you execute a dynamic invoice smart contract. There is also another type of smart contract called the loan smart contract and this basically will allow the loans to be fragmented to many different investors. So, that you don't just need one big investor to cover a major contract. You can actually disperse it to many smaller investors and also it provides a sort of escrow to ensure that the money is received and then it goes to be distributed correctly. The benefits of this are obviously the security that it provides, the way that it can fragment the invoice over and above a complicated process, database process or even up a paper process that would be very difficult to achieve this. The seamless flow of funds between parties is another advantage as well. So, all the funds in the smart contract are seamless, it’s reliable, fast, transparent and it also will integrate with accounting software as well so the platform is going to provide an API interface.

The hub is going to be the user access interface and it's going to process all the transactions through the smart contracts. For your user access, you're going to have to do know your customer verification and it will be a desktop, mobile user interface so you'll be able to create your own profile, manager profile etc. There'll be a rewards program which sounds interesting. It will generate reports for you as well which obviously you’ll need for your businesses and it will also provide the third-party access through API as I mentioned. It will communicate with the accounting software etc. It will also have risk management section so it will process your application, verify your ID, collect external data and then perform risk analysis and assessment as well. It will continue to monitor the risk and it will have a report generation a function as well. With the loan management, it will interact with the loan smart contracts and it will match your risk profile so if you're relatively low risk there will be a lot more or investors willing to deal with you.

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