The Invoice DApp module is an initial and essential step in the evolution of decentralized finance (DeFi), supply chains and similar blockchain use cases being built on Nexus. We envision the Nexus invoice system to not only streamline payments and reduce the costs of administration within an organization, but across businesses and between industries.
This module is a downloadable add-on for the Nexus wallet. All invoices are recorded on the blockchain and only transferred to the debtor once settled, providing a transparent record for auditing or legal purposes. A time expiration for the invoice contract can also be specified if required.
A simple and intuitive interface provides fields for standard business administration such as paying employees and suppliers. An itemization category allows multiple entries with descriptions, unit costs, units, and the total for each item.
At minimum, only the account payable, recipient and at least one item is required, the remaining fields are optional. Located on the bottom is the total in NXS and a quick reference in your wallet’s selected FIAT currency as shown in the following screenshot.
The Nexus invoice system is customizable, meaning that any other field can be added via the command line. It is also inexpensive to use; the fee for sending an invoice is currently 1 NXS. Instructions on how to install and use the module are located in the guides section here. Please refer to the invoice module Github repository for the latest version and additional information.
Today, countless bespoke invoicing systems exist, which do not interoperate. To illustrate some of the current inefficiencies in business operations, let’s look at a typical invoice in a supply chain lifecycle.
When a buyer needs goods or services, they initiate an invoice that sets off a chain of events to various service providers. There is a copy of the invoice generated in the suppliers billing system (Receivable), shipper database (eInvoice, usually a copy of the receivable) and receiving companies accounting and/or Enterprise Resource Planning (ERP) system (Payable). If this invoice is financed by an institution, another independent copy will exist in the bank or factoring company’s environment (Funder Assets).
In the example above, each organization maintains the licensing software agreements, server processing, storage and technical staff costs to maintain these systems. Additionally, protection of this data is an ever increasing challenge as compliance regulations and attacker strategies evolve. Nexus Invoicing can mitigate the majority of these burdens, and the open source solution can also be integrated into hybrid, or private networks.
Moreover, decentralization is perhaps the most crucial factor these service providers and blockchains are missing. For example, if a competitor of IBM were to use their cloud service or blockchain solution how could they trust the timely processing of data, privacy controls or any other dependency in the solution? The confidentiality, integrity and availability of centralized solutions will always be in question, and this is why Nexus is working to solve these challenges.