[0202] - PayBlok: The Evolution of QuickBooks?
Before we dive into #PayBlok, I have to award them points right off the bat. While most crypto ICO's these days have a white paper and the promise of some blockchain software in a years time, PayBlok meets one of my top criteria.
They have an established business. And are merely expanding a product line that is already on the market. That means they get 1 point before we even look at what they do.
PayBlok gets another 1 point for smartly *naming their project offerings - PayBlok and InstaPayments are clear & easily recognizable.
( *They aren't some obscure codename that most startups name their blockchains. All the while throwing millions of dollars at their marketing in an effort to 'get their name out there'. )
Anyway, having an established company or product line is one of the several benchmarks I use when it evaluating new crypto projects. A company that already has a customer base who are using the product means that there is a much higher chance of success in the global market than a bright idea alone.
B2B
PayBlok are a business to business crypto-payment solution that, according to their promo material, have 2,000+ businesses using their platform each month. Which is a good start.
If I may copy-'n-paste for a moment from PayBloks website...
We aim to improve how quickly businesses pay and get paid, InstaSupply is a cloud platform which allows businesses to track and control spend across suppliers. We bring together purchase ordering; approval workflows; budget control; delivery tracking; supplier and product management; secure invoice and credit document storage and data collection; accounting reconciliation; and payment control.
That's a huge 'payment / accounting cycle' all squeezed into the one integrated system. Making it an attractive 'total solution' for companies and small businesses looking to get a proper handle on their cash flow.
Good Ideas, Bad Numbers
When running a business, often you have to wait 30 to 90 days, as a standard, for payment. That's on a good day. Even if the payment arrives on time, waiting 30 days for payment often causes problems for many small businesses.
Liquidity and cash flow problems.
Given that many businesses start as bright ideas, that means solid accounting and management of their finances is often the weak point. Bright ideas often go bust when real numbers are attached.
The 'pain' point that PayBlok are looking to solve is 'late payments between businesses'. Which is a massive issue when running a company or small business yourself.
And is an issue that holds up liquidity in the supply chain of business and commerce, globally.
Payment Tracking
Smart Contracts are a good use case for eliminating 'slow payments' and bad accounting. They will streamline how businesses transact with each other and provide a transparent window so you can track where your incoming payments are in the payment cycle.
In much the same way that you can track a parcel in the postal cycle, the blockchain will enable payment-tracking so you can know when money is going to hit your bank account.
Thus allowing you to better allocate your finances to grow your business.
As I mentioned, PayBlok already have the invoicing software in place and are now expanding into the payments sphere, via the blockchain. Which makes a lot of sense if you are creating *accounting software.
( * This makes me wonder how #QuickBooks and #MYOB will pivot when the blockchain hits the market in a big way. Offering an accounting package to manage your finances pales compared to software that handles the payments as well. )
The Blockchain Cliches are True
It's a cliche but it has to be said that smart contracts will improve accounting and streamline the workflow for big companies who have to 'chase paperwork' so they can then 'chase payments'.
By deploying a blockchain-based approach to accounting, it will refine the whole payment process as well as account for it. Something that has been unachievable because the technology has not been there for it.
With the blockchain, it is now.
Website - https://payblok.instasupply.com/
Whitepaper - https://assets.ctfassets.net/5vuk877t9hxd/3NAfrZaazmEk6emsaikqiW/87fb62e129789d978720d85d56c49e0e/payblok_whitepaper.pdf
Thanks for watching,
Brendan Rohan - Indie developer of 'next gen' natural medicine from Melbourne, Australia
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