Hive Project Launches Blockchain-Based Invoice Financing Platform, Targets SMEs

Despite being the backbone of every economy, small and medium-sized businesses have traditionally faced challenges in securing access to short-term financing from traditional lenders. To resolve this issue, the Hive Project today announced the development of a cryptocurrency invoice financing platform to help SMEs overcome the hurdles they face when trying to get the financing they need.

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The new platform is focused on providing new liquidity pools for small and medium-sized businesses which are often challenged by the levels of collateral required and the strict credit checks put in place by lenders.

The Hive Project’s end-to-end platform aims to use Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term to disrupt the SME finance space, using distributed ledger technology to offer SMEs easy access to short-term financing by turning their accounts receivables into tradable assets.

Powered by the risk-lowering technology offered by blockchain, the platform generates smart contracts and creates a digital marketplace through which small businesses can finance their unpaid invoices.

With its prospects lying in its simplicity, this innovation will give companies the option to sell their invoices to improve their working capital, offering a full marketplace with advanced trading analytics for peer-to-peer lending.

On top of that, the company plans to raise initial capital of BTC 2,000 through its token (HVN) crowdsale scheduled for six weeks starting July 3, 2017. The monies will be allocated for technical infrastructure development and the creation of the Hive Invoice Financing Fund (HVNX), which will be a welcome solution to this growing demand for credit.

Jure Soklic, CEO and co-founder of the Hive Project, commented: “We want to help small businesses solve their liquidity issues by leveraging blockchain technology to provide financing options previously only available to large companies. Our platform will dramatically streamline invoice issuance and settlement processes, optimizing small and medium-enterprises’ ability to access liquidity for day-to-day operations and to finance expansion.”

Richard Titus, Advisor to Hive Project and Former SVP Samsung Electronics Visual Display, added: “The Hive Project helps small businesses automate invoicing and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, delivering the benefits of blockchain innovation to commercial entities previously deprived of ready access to finances,” said “Hive Project’s end state, a marketplace with advanced trading analytics for peer-to-peer lending, will rapidly increase the liquidity available to small businesses and expand today’s often mercenary ecosystem of factoring and lending.”