Supply Chain Management
Robust and compliant invoicing API connected to blockchain. A decentralized system for verifying invoice integrity. Aiming to optimize the way we process invoices today, our system offers the promise of blockchain in processing high volumes of finance data efficiently while ensuring authenticity verification and availability. With blockchain, problems with accessibility and issues of authenticity are removed given easily accessible storage on decentralized databases and verifiable fingerprints (hashes), creating trust and total control to the business users at hand. The transparent and distributed nature of blockchain networks creates trust for all parties concerned.
Transparency of supply chain and fraud prevention among partners in the chain.
While working on polara.io, we considered OriginTrail technical solution of the protocol.
On an annual basis, more than 370 billion invoices are estimated to be exchanged between businesses, governments and end-consumers. Even with governments implementing real-time reporting solutions, citizens raise concerns about the lack of accessibility, and companies question the interoperability between closed centralized databases. These doubts lead to problems of confidence in the integrity of invoices sent and received. Invoices are also prone to falsification, creating a need for independent, sometimes third-party invoice verification which can drive up operating costs. In these fiscal activities, not only is the integrity of our files important, but also its availability and authenticity.
First, we sell the product to rather small and agile customers (start-ups, SMEs with marketplaces) - starting with the free package for up to a thousand invoices per month. When they grow, they start paying and after, we up-sell them also the blockchain part. Later also bigger companies (but the selling cycles are rather long).
Sales on online marketplaces where invoicing is a crucial part of every transaction crossed $1 trillion in 2016 globally. In Europe, online sales increased by 15 percent last year and accounted for €602 billion. There is an enormous potential in combining invoicing and supply chain transparency. We believe that Origintrail and Studio 404 would work hand in hand towards embracing this potential.