InvoiceMate has announced that it will migrate from Hyperledger Fabric to the Internet Computer blockchain (ICP) with the support of the DFINITY Foundation, a not-for-profit research and development organization based in Switzerland and a major contributor to ICP.
The Internet Computer is a general-purpose, layer-one blockchain that acts as a Cloud 3.0. The network has been operating for over two years and has experienced zero downtime. It also processes over 750 million transactions daily, a 425% increase from its first year of operation3. The Internet Computer is the only blockchain network in the world capable of hosting social networks and enterprise systems, providing an alternative to the Legacy IT stack, which incorporates Web 2.0 infrastructure.
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By migrating to the Internet Computer, InvoiceMate will be able to leverage its unique features and benefits, such as:
Scalability: The Internet Computer can scale its capacity by adding more nodes to the network without compromising on speed or security. This means that InvoiceMate can handle millions of invoices and transactions without any bottlenecks or delays.
Security: The Internet Computer uses advanced cryptography and consensus protocols to ensure that the data and code on the network are tamperproof and resilient to attacks. This means that InvoiceMate can protect the privacy and integrity of its users’ invoices and financial data.
Interoperability: The Internet Computer allows different smart contracts (called canisters) to communicate and exchange data seamlessly across the network. This means that InvoiceMate can integrate with other applications and services on the Internet Computer, such as identity providers, payment gateways, oracles, etc.
Cost-efficiency: The Internet Computer eliminates the need for intermediaries, servers, firewalls, or cloud services, reducing the operational costs and complexity for InvoiceMate. It also uses a governance system (called NNS) that sets the network fees dynamically based on supply and demand. This means that InvoiceMate can benefit from lower and predictable fees for its users and lenders.
Muhammad Salman Anjum, Chief Mate at InvoiceMate said, “We’re excited to migrate to the Internet Computer blockchain. InvoiceMate has built its reputation on trust and efficiency, and that is what we are looking for in a blockchain. The Internet Computer enables us to use the power of invoices to aid SMEs in accessing credit but in a decentralized, tamperproof, and scalable manner.”
InvoiceMate is a blockchain & AI-powered invoicing platform that acts as a bridge between SMEs and financing institutions. InvoiceMate leads to easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring,
Buy Now Pay Later (BNPL), and supply chain financing. InvoiceMate has processed over $114 million in invoices and partnered with nine financial institutions with over $5mn in locked lending allocation.
InvoiceMate aims to solve the problem of delayed payments and cash flow issues for SMEs, which account for 95% of the businesses in the Middle East and North Africa (MENA) region1. According to a report by HSBC, SMEs in MENA face an average payment delay of 86 days, which is the highest in the world. This affects their ability to grow, invest, and create jobs.
InvoiceMate leverages blockchain technology to create a transparent, secure, and efficient invoice management system. It allows SMEs to create, send, receive, and track invoices from their mobile or desktop devices. It also verifies the invoices in real-time using AI and assigns them a credit score. This enables SMEs to access various financing options from InvoiceMate’s network of lenders, who can also benefit from lower risk and higher returns.
How Will InvoiceMate Contribute to the ICP Ecosystem?
As part of the partnership with the DFINITY Foundation, not only will InvoiceMate use the Internet Computer blockchain, but it will also work to add value to the ICP ecosystem as a whole. The InvoiceMate team will act as advisors and mentors for other enterprise blockchain projects that are interested in exploring the Internet Computer. This will include running workshops for enterprise blockchain organizations InvoiceMate’s large network of partners and universities.
InvoiceMate’s tech arm MateSol, will also serve as a “dev shop” and support projects wanting to integrate ICP into their operations. MateSol is a software development company that specializes in blockchain and AI solutions. MateSol has worked with clients such as Dubai Electricity & Water Authority (DEWA), Dubai Health Authority (DHA), Dubai Police, Etisalat Academy, etc.
InvoiceMate brings a wealth of experience from the enterprise blockchain industry and is set to play a large role in enterprise adoption for the Internet Computer blockchain.
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What is the ICP.HUB GCC?
The partnership between the DFINITY Foundation and InvoiceMate strengthens the presence of the Internet Computer in the region. Recently, the ICP.HUB GCC was founded in Dubai and is one of the newest editions to the region, known as the Crypto Oasis, the fastest growing Blockchain Ecosystem in the World, now with more than 1,800 organisation and 8,650 individuals working in it. The ICP.HUB GCC is a Web3 community of developers and entrepreneurs building the Internet Computer’s presence in the Gulf. The Hub is focused on education, including workshops for developers, incubation, helping founders from ideation to MVP, and developing blockchain use cases for corporates and governments. The ICP.HUB GCC also facilitates partnerships between the DFINITY Foundation and local enterprises.
Saed Ereiqat, Co-Founder of the ICP.HUB GCC said, “Since the inception of the ICP.Hub GCC, we have been building the groundwork for projects to transition smoothly into the ICP Ecosystem, and we are seeing significant interest from the local ecosystem to build. InvoiceMate is the perfect example of a mature, Dubai-grown project moving to the ICP Ecosystem. I am looking forward to working with the team on developing corporate use cases powered by ICP!”
The Internet Computer blockchain is poised to revolutionize the way enterprises and SMEs use blockchain technology. InvoiceMate is one of the first projects to migrate to the Internet Computer and join its growing ecosystem, together with the DFINITY Foundation and the ICP.HUB GCC, InvoiceMate is set to empower SMEs with easier access to credit and financing options.