The original bitcoin protocol was designed in part to solve the centuries-old problems of accounting accuracies. With blockchain’s ability to digitally timestamp each transaction as it happens, encrypt it, and store it with a technology that makes it nearly impossible to change, double accounting, fraud, and money laundering become endangered practices.
Entrepreneurs have taken notice of the disruptive potential and InvoiceMate is possibly the one company taking the most advantage of the blockchain’s ability to modernize accounting software tools. Based in Dubai, InvoiceMate has built its platform on the BSV blockchain and is in the business of payment fulfillment and processing.
Muhammad Salman Anjum, founder and “ChiefMate” of the company, was enthusiastic about his operation’s achievements when he spoke at the 2021 CoinGeek Conference in New York.
“Invoices, as we know, are the most commonly used commercial document but invoice workflow has a lot of pain points. InvoiceMate is the solution to a lot of those pain points,”
Salman Anjum said.
The company addresses these hindrances through cutting-edge technology like BSV. Every time a debit occurs to one account, a credit instantly takes place somewhere else, removing duplication and middleman custodial functions. Blockchain technology also drives automation of every step in the accounting process. The company states that its “core focus is to inspire the world with Distributed Ledger Technology.” A key to reaching that vision is TAAL’s transaction processing power.
The low cost of transactions and the world’s most scalable blockchain network ensures InvoiceMate can accommodate its customers and do so without concern of inflated transaction-processing expenses coming from its vendor. The BSV ecosystem, unlike competing ones, gives InvoiceMate the assurance that it can have stable pricing, which is crucial for forecasting budgets and building long-term working relationships with clients.
“We are coming up with flexible packages with TAAL”
to offer clients, Salman Anjum said. That allows his customers to “go with the flow” of their business as they adapt to a blockchain environment. With TAAL’s consistent and affordable product and service offerings, InvoiceMate can assure its partners that there won’t be a spike in per-transaction cost as their usage increases. While InvoiceMate’s clients that are new to blockchain may be able to accurately project how many financial transactions they may have in a coming quarter, they’re not likely to have an estimate for how much data they will need — and data transactions are what the blockchain industry functions on.
“Once you have more clarity about how many transactions you’ll be putting on chain, then we’ll have a fixed package for you,”
Salman Anjum said of how he puts customers’ minds at ease when discussing their lack of benchmarks for data transactions. TAAL’s ultra-low micro-transactions cost allows enterprises like InvoiceMate to provide relaxed pricing while maintaining fiscal confidence.
Next steps for InvoiceMate include the continued integration with the BSV ecosystem. Salman Anjum predicts his team will attract more clients and then have “plenty of data transactions happening on chain” before the next industry conference.