I'm excited to start a new series on a unique Blockchain project, called Payblok. I will write several articles covering different topics, to show as many people as possible another fantastic real-world application on the blockchain. Fasten your seatbelts. I'm guiding you onto a great & fast ride.
The name Payblok for the project is a little bit misleading because it is the cryptocurrency which will support the service of the already existing platform of the Fin-tech company Instasupply (https://www.instasupply.com/).
Since three years Instasupply provides a unique service with their platform, and they already helped over two thousand companies to solve one of the most significant problems in the business world.
So, what is this problem which prevents so many companies from having a smooth and satisfactory process from the beginning to the end of an order?
The problem is the timely payment of bills from one company to another. There are so many issues in the whole process of invoices, and every business owner is acutely aware of them because they are a threat to their success and their survival. For example this one here:
An average of 30-90 days elapse before the money of an invoice reaches the recipient, and we're talking about an annual total of $ 18,500,000,000 in the US alone. I do not need to do mathematical calculations to make it clear that this is an incredibly large sum. Smaller and medium-sized companies suffer the most because being solvent means everything to them. A very close friend of mine can sing a song of it, and it is a sad one. He was a micro-entrepreneur, and as a customer delayed the payment of a bill of € 30,000 for several months, my friend eventually had to file for bankruptcy, as he again could not meet his calls.
This single example is bad enough, and it hits many companies around the world on a daily basis. The Instasupply team has been providing the platform for over three years to simplify significantly this complicated and lengthy process of invoicing between companies. How this works in detail will be highlighted in a later article.
So what is Payblok?
Instasupply is currently handling all the tasks involved in paying bills through its platform. Only one building block is missing, and that is the payment itself. This last piece of the puzzle is Payblok. The Payblok tokens will have different features and thus meet different requirements. For one thing, they should serve as a reward if the companies use the direct payment function on the platform. The advantages are apparent.
The Ethereum Blockchain Smart Contract feature will allow a payment to be triggered immediately once a specific requirement is met. There are many possibilities which would cause such a triggered effect, and I will explain what it can look like in detail in the next article. Furthermore, the tokens can also be used for direct payment of bills, which will be very beneficial to the entire token ecosystem. Token owners will enjoy many benefits on the platform too. The Instasupply team has decided that, similar other projects, the payblok tokens will reduce fees and the PBLK Token will provide exclusive access to specific financial products on the platform. Furthermore, they will assume the role of redemption guarantees in asset-based lending. For example, if a loan is not repaid, the tokens are withdrawn from the borrower's wallet via an auto-initiated smart contract as an instant payment.
Payblok tokens are also needed to pay the monthly usage fee for the Instasupply platform. The number of tokens a company is holding will determine how many documents are processed by the system. One fact the team was very aware right from the beginning is that the platform can only grow if many companies use the service. The simplification of the whole invoice process and the many additional incentives provided by the payblok token are the tools to achieve this goal.
However, good marketing is the more significant part of it, as T. Harv Eker always says. I attended a seminar of his last year and would like to quote him here because it fits perfectly:
"To have the best possible product on the market is a basic requirement and not at the same time a guarantee of success."
One huge step in the direction of successful marketing is the participation of the team at some Blockchain conferences, where they contributed to the more profound understanding of the visitors and of course presented the project in an easy to understand way. An earlier and successfully applied marketing plan has been extended and will be used again for the Payblok campaign.
New partnerships are needed to bring companies to the platform as users, and there will be large-scale social media campaigns and indeed an equally well thought-out recommendation system. My overview article should arouse interest in the Payblok cryptocurrency, and the Instasupply project and my further articles deliver the necessary depth.
I am looking forward to shedding light on the project and start with it in my second article which will follow shortly.
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If you want to find out more about the Payblok project, please use the links listed here:
Website Payblok: https://payblok.instasupply.com/index.html
Website Instasupply: https://www.instasupply.com/
Telegram: https://t.me/joinchat/HZSTLA9rcKJJZKXUHlHkfA
Facebook:https://www.facebook.com/instasupply
Twitter: https://twitter.com/instasupply
Linkedin: https://www.linkedin.com/company/instasupply/
Medium: https://medium.com/instasupply-blog
Bitcointalk: https://bitcointalk.org/index.php?topic=3740408.msg36983691#msg36983691
Reddit:
Youtube: https://www.youtube.com/channel/UCoYhK-h2xW8oBy3KlxwK0bQ?view_as=subscriber
Whitepaper: https://payblok.instasupply.com/documents.html
This post has received a 2.09 % upvote from @drotto thanks to: @patternbot.
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@PatternBot supportet:
Very well written and informative article!
Thank you uday, please resteem if you can and like too. Have a great time here on Steemit and come back please. There will be more articles about this project!