Invoicing Is a norm in today's financial system, and economic issues globally have made it a widespread practice in the running of businesses. It's almost impossible to get all wholesalers or customers to pay for all delivered products or Services on delivery due to financial constraint, so therefore the practice of invoicing is often done to collect funds from these customers on a later date. But this practice causes limitations in liquidity mostly in Small and Medium-sized Enterprises (SME), and the problems with traditional finance system of the world further make the practice of invoicing cumbersome. The traditional Finance system of the world doesn't create ample room for SME with most of them not having requirements to secure loans from banks, and the invoice factoring process in which businesses sell its accounts receivables at a discount to raise funds has grown to be a disadvantage to such SMEs. Poor verification medium for invoice and shortcomings in the old fashioned financial reporting mechanism also calls for gross improvements.
Introducing Pcore
Pcore is a blockchain platform designed to render the much-needed improvement needed in the invoice system and financing of SMEs globally. The inclusion of blockchain technology gives room for secured, accountable, valid, and rectitude transactions. Pcore implements blockchain technology to facilitate the seamless trading of Invoices as digital assets by participants on the Platform in a bid to ensure the much-needed liquidity for SMEs is guaranteed. The Pcore Platform is designed to allow creation, traceability, uploading, and connection of invoices in a system designed to be favorable to investors who purchase this receivable invoices while SMEs can now get instant funds for purchasing goods, paying salaries, day to day operation of businesses e.t.c.
Core Features of Pcore
- Pcore understands the importance of efficient financial reporting and the implications financial reports will have on the viability of SMEs seeking to uses the Pcore market place to sell off receivable invoices, so, therefore, Pcore institutes Extensible Business Reporting Language (XBRL) to replace the archaic use of paper works. This XBRL financial reporting mechanism gives room for efficient, useful, and consistent digital reports of not just financial statements but also compliance performance and lastly business reports.
- Pcore looks out for investors who choose to purchase invoices on the Platform by creating several risk management and viability checks for SMEs in need of this funding. The Platform institutes the Altman Z-score performance analysis test to measures the risk of bankruptcy associated with SMEs and covering and insurance processes for invoices on the Platform. An AI predictive Behavioral Credit scoring is also put in place to predict and rate SMEs (borrowers) fitness to receive funds from Investors (Lenders). Pcore also seeks to provide invoice processing software that will facilitate seamless creation and customization of invoices as well as provide other services relating to invoicing on across diverse mobile platforms.
- PCore use of blockchain also includes the use of smart contracts, smart oracles, and features from hive ecosystem. Smart contracts are instituted to ensure automation and regulation of transaction and settlements between borrowers and lenders on the Pcore Platform all pre-defined on the smart contracts in such a way that will provide both security and integrity of transactions. Smart oracles help to improve the interaction of the smart contracts with external factors such as exchange rates, market trends e.t.c. The Hive system will help Pcore verify identities and legitimacy of submitted documents and data on the Platform.
- The Pcore platform boast of its native currency known as the Pcore token. The Pcore token serves for payment of fees by users of the Platform and Cover payment by the Pcore Platform. The Pcore token will also be used to raise funds for the development of the Pcore Platform in an Initial Coin offering designed to start on the 15th of June 2019 with each pcore token(PCC) valued at 0.39USD. The table below shows the expected distribution of the Pcore Token.
Conclusion
Pcore aims to provide revolutionary services that can be of immense benefit to SMEs and Investors who are actively looking for a profitable investment opportunity. With the remarkable use case and a marketing approach designed to spread out from the UK to the world most populated nation China, Pcore is definitely a project to watch out for.
For more information kindly visit any of the following links
Website : https://pcore.co/
Whitepaper : https://pcore.co/whitepaper
Facebook : https://www.facebook.com/Pcore-PCC-351650118758061/
Twitter : https://twitter.com/PcorePCC
Telegram : https://t.me/joinchat/Lr_g4hNZ8vDU0qiwzAwH5A
Reddit : https://www.reddit.com/user/PcorePCC
Medium : https://medium.com/@PCORE
Ann Thread : https://bitcointalk.org/index.php?topic=5121997
Author's Details:
Bitcointalk Username: mrsparks
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1197564;sa=summary