Blockchain Based e-Invoicing Platform for Global Trade

Narayanam, Krishnasuri; Goel, Seep; Singh, Abhishek; Shrinivasan, Yedendra; Chakraborty, Shreya; Selvam, Parameswaran; Choudhary, Vishnu; Verma, Mudit

doi:10.1109/blockchain50366.2020.00056

Cited by 15 publications

(8 citation statements)

References 2 publications

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“…There exist blockchainbased trade logistic networks like TradeLens [5] that help in real-time shipment tracking. There exist blockchain-based platforms that generate carrier e-invoices in real-time using the shipment tracking details and service contract agreements [6]. Similarly, there exist blockchain-based accounts payable systems [1], [7], [8] that help in invoice processing.…”

Section: Related Workmentioning

confidence: 99%

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Accelerated carrier invoice factoring using predictive freight transport events

Narayanam¹,

Dayama²,

Nishad³

2022

Preprint

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Invoice factoring is an invoice financing process where business organizations sell their invoices to banks or financial institutions at a discount to gain faster access to the invoice amount. In global trade, ocean and land carriers exercise invoice factoring to gain quick access to the money they get paid for the shipment of consignments by shippers. Shippers typically clear the invoice payment within 60-90 days of goods getting delivered. In order to get early access to capital, carriers initiate invoice factoring after the completion of goods delivery to the shipper. In this work, we provide an approach to enable accelerated carrier invoice factoring even before the delivery of goods. Carrier invoice value for a given shipment depends on the actual values of shipment tracking events. We predict the carrier invoice value at different freight transport milestone events as the goods transportation progresses from supplier to shipper using smart contracts on a blockchain network that is operated by the global trade logistics participants. The prediction at a given stage is based on past shipment tracking events and predicted future shipment tracking events. Accurate prediction of invoice value for ongoing shipment enables the carrier organization to initiate invoice factoring on the trade finance network before the completion of goods delivery to the shipper. Further, based on the past accuracy of prediction models, the financial institutions may choose to release the invoice amount in installments at different freight transportation milestone events.

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Section: Related Workmentioning

confidence: 99%

“…In this section, we provide a summary of auto-generation of blockchain-based carrier invoices [6] and carrier invoice factoring in global trade.…”

Section: Introductionmentioning

confidence: 99%

Accelerated carrier invoice factoring using predictive freight transport events

Narayanam¹,

Dayama²,

Nishad³

2022

Preprint

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“…TradeLens [5] is a solution to provide visibility into the current status of freight transport underpinned by blockchain technology. Producing blockchain-based e-invoices for the freight carriers as part of the invoice generation process got addressed in [6], [7]. Several blockchain-based solutions exist related to financing during payment processing [8]- [11].…”

Section: Related Workmentioning

confidence: 99%

“…Generating the invoices for freight carriers (e.g., OCM, Land Carriers, Ocean Carriers, and Drayage) involved in the goods movement from origin to the destination using the real-time container tracking events and the shipment details captured by TradeLens as depicted in figure Fig. 2 got carried out in [6]. In this paper, we propose a blockchain-based accounts payable system extending the TradeLens platform with capabilities to fulfill the needs of the supply chain network participants related to invoice processing (generation of CA and PAs) and dispute handling.…”

Section: Introductionmentioning

confidence: 99%

Blockchain Based Accounts Payable Platform for Goods Trade

Narayanam¹,

Goel²,

Singh³

et al. 2021

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Goods trade is a supply chain transaction that involves shippers buying goods from suppliers and carriers providing goods transportation. Various business documents like purchase order, despatch advice, invoices, and receive advice get exchanged among the trade participants during any trade transaction. Similarly, various business processes like freight transport, invoice generation, goods receiving, invoice processing, and payment processing get executed by the participants in a trade transaction. Discrepancy during the execution of any of these processes leads to disputes between the participants involved, and the time consumed in resolving the disputes causes a delay in the process execution resulting in cost overhead for all the participants involved. Shippers are issued invoices from suppliers for the goods provided and from carriers for goods transportation. The shipper carries out goods receiving and invoice processing before proceeding to payment processing of bills for suppliers and carriers, where invoice processing includes tasks like processing claims and adjusting the payments. Goods receiving involves verification of received goods by Shipper's receiving team. Processing claims and adjusting the payments are carried out by Shipper's accounts payable team, which in turn is verified by the accounts receivable teams of suppliers and carriers. This paper presents a blockchain-based accounts payable system for shippers, which generates claims for deficiency in the goods received and accordingly adjusts the payment in the bills for suppliers and carriers. Primary motivations for these supply chain organizations to adopt blockchain-based accounts payable systems are to eliminate the process redundancies (accounts payable vs. accounts receivable), to reduce the number of disputes among the transacting participants, to reduce the dispute resolution time, and to accelerate the accounts payable processes via optimizations in the claims generation and blockchain-based dispute reconciliation.

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“…In comparison to alternative methods, the use of the Advanced Encryption Standard for data security offers advantages of faster calculation and less memory usage. \item Krishnasuri Narayanam, Seep Goel, Abhishek Singh, Yedendra Shrinivasan, Shreya Chakraborty, Parameswaran Selvam, Vishnu Choudhary and Mudit Verma in their paper [11] have spoken about the necessity for blockchain-based invoicing that speeds up the resolution of disputes between shippers and carriers in international trade and enables effective invoice settlement. Additionally, they gave information about a blockchain-based system providing trusted invoice generation and open dispute resolution, as well as a description of the blockchain invoicing strategy.…”

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confidence: 99%

Development of AWS based E-invoice Platform for Trading

Thejasree¹,

A²

2022

IJRASET

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Global container shipping is the phenomenon of packing goods into containers and transporting them across country borders. A global container shipping trip often involves multiple carriers, third party logistics firms, and fourth party logistics firms. Based on previously agreed-upon contract pricing with the shippers, these businesses bill base service costs, unexpected service fees, and value-added service fees through freight invoices. This study introduces an AWS-based system for creating electronic invoices for carriers of goods when one or more carriers are involved in the shipment of products from a shipper's origin location to a destination location outside of the country of origin. Real-time shipment tracking data and previously agreed-upon service contract pricing between the shipper and the carrier are largely used in the preparation of an invoice for a carrier. Our solution improves the effectiveness of the e-invoicing process and reduces expenses for the shippers and carriers involved in international trade. The' main reasons for adopting AWS-based e-invoicing solutions are to decrease the frequency of invoice disputes, speed up dispute settlement, and offer real-time audits

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Blockchain Based e-Invoicing Platform for Global Trade

Cited by 15 publications

References 2 publications

Accelerated carrier invoice factoring using predictive freight transport events

Accelerated carrier invoice factoring using predictive freight transport events

Blockchain Based Accounts Payable Platform for Goods Trade

Development of AWS based E-invoice Platform for Trading

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