Smart Contracts

Smart Contracts

With a smart contract, legal stipulations are embedded in the computer code, which enables the automatic execution of functions defined by a legal contract. It also provides protection against duplicate invoice financing, as the contract will not allow for an invoice that has already been financed to receive additional financing. A smart contract, therefore, acts as an application layer that is built on the Blockchain.

The development of the Blockchain that supports the smart contracts we are developing is already built and readily available and globally known as Ethereum Virtual Machine ‘EVM’ in a number of countries. Some see smart contracts as the future of the Blockchain, as they enable more efficiencies in legal contracts through a decrease in manual processing and initiation of contract terms, risk reduction through the elimination of manual errors and duplicate invoice financing, which could make value propositions such as micropayments more feasible.

Administrator

The platform administrator approves and manages clients’ accounts and actions.

Invoice seller

Clients can register as an invoice sellers to sell invoices on the platform. The invoice seller must be reviewed and approved, before he can sell invoices on the platform.

Invoice buyer

Clients can register as an invoice buyers on the platform to bid on auctioned invoices. The invoice buyer if using fiat must be reviewed and approved before he can use the platform. However, invoice buyers using supported cryptocurrencies can used the platform anonymously.