Usually when you do business with another company what you do is you are asked to provide a price, you give the price as a seller. The buyer then sends you a purchase order, you then supply the agreed goods and work orders signed, completed or there is proof of delivery if you sell the product. And then the invoice is sent by the seller to the buyer. So, in short that's how business is done in the world and it's the same all over the world. Everyone is doing the same thing and Europe is the biggest player in the global financial billing market. One point nine trillion dollars a year. This is quite remarkable, the entire market is worth two points eighty five trillion US dollars per year. So, we're the talk market that applies to almost every business on the planet. The blockchain they use is blockchain ethereum. This is the ERC20 token. Ethereum smart contracts will be used and they will have smart invoice contract invoices to eliminate paper and other uses around ancient resources.
They will also use smart contracts for loans as well and all users will access through the hub and users will become sellers, buyers, investors and also the applicable third party service providers. Dynamic intelligent contracts will be deployed to the main ethereum network and this allows dynamic invoices to be generated in the ledger and they store all information such as verification status and built-in cash etc. The loan loan contract will also be used on the main ethereum net and this allows the flow of money between investors, sellers and buyers. They can also direct funds to certain parties if applicable. In addition to all the usual benefits that blockchain provides in terms of transparency and conservation and distributed security, You will also have for this particular business more profits as well and for the intelligent contract dynamic invoices what will happen is you will register as a seller and put your invoices on the system using a hub and then every potential investor will come and verify the invoice with the buyer also for making sure everything is accurate. They do not want to take fake invoices to buyers.
The seller will also be able to provide access, control the privacy of invoices and information as well. There will be a search function, once the invoice is completed, the invoice smart contract will redistribute the invoice value to the seller. Also, what should be paid to investors and they will be paid with interest as well. You may also engage third parties in this manner and third parties will be for example private property and security lists in Australia that allow registered security interests and there is clearly a similar body in the US, Europe and other jurisdictions. Also, there will be a dispute resolution service as well. So, it will be able to provide reliable evidence for corpses or mediators if there are further problems with invoices. To give you an idea of how expensive it will be to contract a smart invoice dynamically. It costs about 70 cents and is quite cheap. Obviously there will be a cost back to the platform because it must exist, they will not work for free but if you add dynamic invoices to the system that will burden you.
The advantage of using this intelligent invoice dynamic contract, your notes are safe, it will be easy to use and automate as well. So you do not have to play around too much. Lower interest rates and insurance is clear from traditional methods. Reporting is safe too. Integration with other software, there will be API interfaces that will work with large accounting software platforms and other payment applications, etc. Your data, data integrity will be encoded into a contract so you do not need a third party to hear or check etc. And of course, the biggest selling point here is the lower implementation cost so there's no need to create your own software or do anything else. The ethereum network will act as a virtual machine, as a system of paper usage and you basically just use the system and you pay every time you run a smart invoice contract. There are also other types of smart contracts called smart loan contracts and this will basically allow loans to be broken down into many different investors. So you do not just need one big investor to cover a big contract. You can actually disperse it to many smaller investors and also provide some kind of guarantee to ensure that the money is received and then distributed properly. The benefit of this is obviously the security it provides, the way that it can fragment invoices above and above complex processes, database processes or even paper processes that will be very difficult to accomplish this. A smooth flow of funds between parties is another advantage. So,
Hub will be the user access interface and it will process all transactions through smart contract. To access your users, you need to know your customer verification and it will be the desktop, mobile user interface so you will be able to create your own profile, manager profile, etc. There will be a gift program sounds interesting. This will generate a report for you as well as you obviously need for your business and it will also provide third party access through the API as I mentioned. It will communicate with accounting software etc. It will also have a risk management section so that 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 risks and will generate reports as well as functions. With loan management, it will interact with smart loan contracts and it will match your risk profile so if you risk relatively low there will be more or more investors willing to deal with you.
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AUTHOR: Gibsoun
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