UNBIAS uses blockchain technology to indisputably register invoice status data. Blockchain initially became known from applications in cryptocurrencies and is currently applied and tested across various industries. UNBIAS uses blockchain and data encryption to securely register and share invoice status information among users.
Benefits of blockchain
The benefits for UNBIAS using blockchain are evident. First of all, there is no server downtime by using blockchain, as the ledger is run on multiple nodes at the same time. Secondly, users can trust data that is on the blockchain to be true, as it cannot be tampered with after registration given the characteristics of the technology. Furthermore, blockchain allows a large group of users to access information in near real-time, as is required for the application of UNBIAS in factoring, credit insurance and creditor management.
In combination with the use of strong identities, users can trust data on UNBIAS to be true at all times. The technical rules and procedures of the blockchain provide trust without a central entity. Businesses can conduct interactions with the system freely and in a trusted environment based on technical rules of the system.