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Front. Blockchain | doi: 10.3389/fbloc.2019.00013

Invoice Discounting: a blockchain-based approach

 NADIA C. FABRIZIO1*,  Bruno Lepri2, Elisa ROSSI3, Andrea Martini3,  Dimitar Anastasovski1, Paolo CAPPELLO1 and Lorenzo Candeago2
  • 1CEFRIEL, Italy
  • 2Fondazione Bruno Kessler, Italy
  • 3GFT Italia srl, Italy

Invoice discounting is a market with a double-digit potential growth rate in Europe and worldwide in the next years. The main benefit of invoice discounting is the acceleration of cash flow from customers to suppliers: suppliers get advance payments from the bank, rather than waiting for the customers to pay. Hence, thanks to the quick availability of capital, businesses can invest in expansion and growth. More specifically, one of the most relevant problems today is how to provide better and faster invoice discounting services while preventing the double spending and maintaining the risk low. The blockchain frameworks have the potential to provide the right solution and thus to revolutionize the invoice discounting process. The benefits for suppliers, customers and financial institutions are related to the increased transparency added to the whole discounting process and the following risk reduction for the banks due to the capability to enhance the entire process and to reduce the double spending.

In our paper, we introduce a blockchain-based invoice discounting system, called Distributed Ledger Invoice, and we propose a novel assessment method for evaluating currently available blockchain solutions for the invoice discounting scenario. Moreover, we also discuss two main issues regarding the information accessibility and the interoperability. In particular, since blockchain is still an emerging technology interoperability is a key factor for the blockchain adoption in inter-banking processes, where different blockchains solutions might be used. In this work we propose a decoupling layer, based on the Attribute-Based Access Control language, to unify the access control to reserved information across heterogeneous blockchains.

Keywords: Invoice discounting, inter-banking processes, blockchain assessment model, Blockchain interoperability, Attribute-based access control

Received: 30 Apr 2019; Accepted: 20 Sep 2019.

Copyright: © 2019 FABRIZIO, Lepri, ROSSI, Martini, Anastasovski, CAPPELLO and Candeago. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

* Correspondence: Miss. NADIA C. FABRIZIO, CEFRIEL, Milan, Italy,