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The Unique International Independent Decentralized Invoice Network

Periodic Reporting for period 1 - DiFacturo (The Unique International Independent Decentralized Invoice Network)

Reporting period: 2019-12-01 to 2020-03-31

Currently, the vast majority of invoices (90 % worldwide and 70 % in the EU) are either paper based or image-based PDFs. Dealing with them entails a manual and time-consuming process, prone to human-driven errors and fraud, that results in costs of 11 € and 18 € per invoice for issuers and receivers respectively. This leads to slow processing with incompatible cross border formats and costly security risks as financial data must be shared between multiple systems.
difacturo have leveraged blockchain technology together with end-2-end cryptography to provide a standardized, cross border, cross system high security e-invoicing solution. This technology needs to be upscaled from proof of concept and proven TRL6 prototype system to a market ready blockchain with system nodes established and key partnerships in place, ready to deliver commercially viable product to market in 2022.
Task 1 “Technical Analyses” developed a roadmap to reach the market readiness by the end of 2022. During this task, we have identified the means to address the main market gaps of the e-invoice market and a work-plan and budget to scale-up our solution.
Task 2 “Commercial and FTO analyses” delivered assessment of our target markets, value chain and value proposition as well as to define our sales and commercialization strategy. In addition, we have evaluated regulatory requirements that we should take into account and performed full FTO analyses.
Task 3 “Financial Feasibility” assessed the financing strategy to reach the market readiness, evaluating our revenue and cost structure and developing a forecasted P&L accordingly
No other international invoicing solution is leveraging the value potential of blockchain. difacturo will be the first viable product in this market. This will deliver significant impacts across invoicing security (180,000€ average losses, per incident from cybercrime in 2019), invoicing costs (95% per invoice estimated for SMEs) and speed and efficiency across borders and established ERP systems. This has the potential to reduce restrictions on small business working capital, as invoices are delivered and resolved faster. Reduce frequency and risk of cybercrime and data privacy breach for IT infrastructure providers and large and small businesses, increase transparency for government systems by providing a standardised record of all relevant transactions, cross sector, cross region.
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