The new app allows banks to digitize the invoices and upload them on to a decentralised ledger as digital asset. It will help to avoid duplication of financing of the same invoice by different financial institutions.
The blockchain-based decentralised ledger will perform as a common data depository accessible for third parties to follow invoice payments and verify authenticity of financed documents.
At the moment the new application exists in a proof-of-concept phase, but the developers have already announced that for the next stage they are considering to attract other industry shareholders – government institutions as well as other banks – to participate in the commercial advancement of the project.
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