Why does any company need financial services to relief its debt from invoices when it has rights from its own invoices? Wouldn’t it be easier to make agreements to compensate them? It’d reduce the cash or funding needs to afford payments, what has soothing effect on treasury and cut financial costs.
What it does
We offer a simple, effective solution by “bypassing” your rights to your creditors in simple terms by compensating invoices: your creditors are paid without currency nor loans being involved.
How I built it
The Bypass project is about developing a decentralized blockchain-based software solution which allows companies to streamline payments in a context of low liquid cash due to a rearrangement of debt by compensating invoices partly or completely.
Departing from an existing prototype of factoring on the blockchain, we create a new system with a new algorithm for a novel DeFI service, without the need of intermediaries. Thus the technical development will consist on a:
i) new algorithm for bypassing invoices,
ii) UI to facilitate the collection of invoices,
iii) recommender-ranking of invoices candidate to be compensated,
iv) contact engine by email, whatsapp, or sms to facilitate agreements,
v) oracle to know that they have the transfers have been made,
vi) override system of invoices to generate the compensated ones,
vii) update the uploading of everything onto the blockchain, in Alastria Red-T
viii) trust manager that works as an alternative scoring and rating,
ix) and, a webapp for easy use by SME and self-employed without having to download any app, etc.
The COVID19 crisis is going to impact our economy in a huge way in the next months and one of immediate effects companies are experiencing is the lack of cash to pay suppliers do to the impossibility to get paid as clients have stopped activity or have the same problems with their suppliers. In the next months, there will be a strong need to enable agreements for invoice compensation that soothes the financial needs of companies without the need of having cash nor financial instruments. The Bypass app will allow compensations among multiple client-provider chain, generating new invoices with resulting differential quantities.
Try It out
blockchain, node.js, vue