European fast developing company specialized in online retail of goods for children reached out to us with a request to create a factoring platform for their supply chain. Since classic factoring business is prone to high operations costs and slow factoring requests processing, the “classic” was not aligned with company’s agile and innovative culture. The solution was to apply Blockchain technology, which offered an automated low-overhead way of securing the transactions and enabling the use of smart-contracts technology.
As a result of business analysis project team came up with the high level technical solution which included combination of Etherium and Parity allowing getting benefits of both modern and lightweight Proof-of-Authority mechanism and SmartContracts.
Back-end of the tool had two main nodes – first one was kind of admin-panel, and the second one was public. Admin-node was intended to provide a synchronization of all invoices that were stored in the tokens using internal API. Internal API, in its turn, reached to the Smart-Contract module enabling use of abovementioned technology. Public node let users get any requested information regarding the tokens. Initial infrastructure was deployed using AWS because of reliability and resilience of that service. The development team consisted of one front-end developer, one back-end developer, and one designer. Overall timeframe amounted to eight months.
After successful delivery of the platform it received positive feedbacks due to its automated and easy to manage nature. Factoring solution initially meant as an internal product was transformed into B2B offering to other similar businesses and constituted a new line of business within the customer’s organization.