Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.
Slovenia-based Hiveterminal represents the world one of the first blockchain adoption use cases in international invoice financing.
Blockchain technology continues its spread into mainstream markets. Among these are lucrative global industries such as factoring – also known as international invoice financing. Slovenia-based Hiveterminal has become a pioneer in global factoring by boasting one of the first real-world blockchain adoption use cases in the industry. The Hiveterminal platform launch was announced in Ljubljana, Slovenia, this week.
Now open for business to companies from Slovenia and around the world, Hiveterminal is a patent-pending platform aimed at relieving a major funding issue for SMEs by offering them liquidity. According to its creators, Hiveterminal grants SMEs the funding they require while at the same time providing low-level contributors (invoice buyers) the chance to get better returns than they otherwise would if their savings were held in a bank account. Unusually, anyone can participate as an invoice buyer.
Hiveterminal‘s decentralised technology assigns each invoice issued a unique fingerprint. According to publicity material, this innovative design “enables businesses to automate the invoicing process, bringing the benefits of blockchain technology closer to commercialisation.” Hiveterminal claims to be one of the first companies to bring complete transparency and automation to the global invoice financing industry. By being a pioneer in this trillion-dollar market via the use of blockchain technology, Hiveterminal is helping to shape the future of the industry.
Hiveterminal’s ultimate aim is to evolve into a complete marketplace that offers analytics for peer-to-peer lending, thereby increasing the amount of liquidity available to SMEs, and creating a central invoice database with scoring and auditing capabilities. In addition, Hiveterminal will help conduct credit checks and allow for rapid and real-time auditing.
Currently, invoice financing involves paying intermediaries to assess the level of risk in a transaction. This is time-consuming and is based on older and potentially outdated documents (e.g. annual reports etc.). Hiveterminal combines different corporate intelligence data sources, a proprietary scoring algorithm, and an Enterprise Resource Planning (ERP) data module. This allows for the establishment of a marketplace with real-time invoice rating that fosters trust between invoice traders.
Jure Soklic, Hiveterminal Co-founder and CEO commented:
“I am thrilled to announce that, from this moment on, one of the first use cases of blockchain adoption in the real economy is here. Companies from Slovenia are able to upload their invoices and get instant and free liquidity, while invoice buyers from all around the world are able to buy their receivables, finding high-return investment opportunities in the real economy.”
It goes without saying that invoices are generally used when a business requires payment for goods and services provided – and that a vast number are generated worldwide every year. At the same time, SMEs often struggle to get the funding they require to continue to grow.
Hiveterminal seeks to bring these two worlds together, enabling invoice buyers and sellers to do business with security, transparency and convenience, in the process providing a major boost to SMEs, in terms of liquidity. If it plays its cards right, the platform could find it has no shortage of clients in the future.