Singapore Creating Invoice Platform Powered By Ripple Blockchain
Singapore is regarded by many as a popular blockchain hub, as the country is often pushing for advancements within the industry.
In fact, according to a report by Global Market Insights, blockchain startups are flocking to the Asian Pacific region, as more and more investors are putting in money. Also, the report states that the blockchain market there is expected to reach over $16 billion by 2025.
Ripple was one of the early startups to gather funding in the region, with over 130 startup deals made by 2016 – bringing in $545 million worth of funds and setting up the space for a future in blockchain development. Now, it looks like the relationship between Singapore, Ripple, and blockchain startups will pay off in dividends.
Suggested Reading : Learn more about Ripple in our beginner’s guide to the platform.
Ripple Powered Invoice Platform
DBS Bank, Infocomm Development Authority of Singapore (IDA), and Standard Chartered Bank have put together a proof-of-concept for a blockchain-based invoice trading platform, as reported by globalcoinreport.com. The idea is to utilize Ripple’s cross-border technology for “tracking invoices, reducing invoice duplication risks, backing loans to suppliers while maintaining the confidentiality of their customers.”
The platform will also enable financial companies and banks to transfer traditional invoices into virtual assets on the Ripple blockchain. Of course, this would permit these companies to take advantage of the privacy inherent to blockchain technology, while guaranteeing information is accessible to relevant parties.
Invoices are ideal ways for companies and third-parties to work in tandem while providing goods and services. However, some companies fail to pay on time. To avoid this, contractors may take advantage of “invoice financing.” With this, recipients will trade some of their invoices over to a lender, who will provide funds ahead of time. Then, once a company completes the invoice, the contractor will pay back the lender.
This new system will ideally speed up the invoicing process while increasing security. While the project isn’t named as of this writing, it marks yet another case of Ripple working with banks and other financial institutions.
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