A Novel Approach for Invoice Management using Blockchain

• URL: http://arxiv.org/abs/2309.03303v1
• Date: Wed, 6 Sep 2023 18:26:40 GMT
• Title: A Novel Approach for Invoice Management using Blockchain
• Authors: Nikhil Sontakke, Shivansh Rastogi, Sejal Utekar, Shriraj Sonawane,
• Abstract summary: Using a blockchain-based invoicing system will enable smooth payments from a customer's digital wallet to a business's digital wallet. Transactions are simple to track and monitor, and the blockchain may be used to retrieve an exchange's full history. Technology can revolutionize the invoicing and payment process by providing a secure, transparent and tamper-proof system.
• Score: 0.0
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: Electronic invoicing is another area where blockchain technology is being used. Additionally, it has the power to alter how payments are made, invoices are issued, and transactions are validated. Using a blockchain-based invoicing system will enable smooth payments from a customer's digital wallet to a business's digital wallet. Transactions are simple to track and monitor, and the blockchain may be used to retrieve an exchange's full history. Sometimes shopkeepers create fake bills and submit them to the higher tax-paying authorities. To bring transparency to this billing system between customers, shopkeepers, and tax-paying authorities billing system using blockchain is to be implemented using the concept of Blockchain and make the billing system in our country work smoothly. Blockchain technology can revolutionize the invoicing and payment process by providing a secure, transparent and tamper-proof system. A blockchain-based billing system can facilitate smooth payments, allow for easy tracking and monitoring of transactions, and provide a tamper-proof history of all exchanges. The use of blockchain can prevent fraud and increase transparency among customers, shopkeepers, and tax-paying authorities. Furthermore, it can streamline the process by using digital wallets for both customers and businesses, reducing time and resources for traditional invoicing methods. Overall, blockchain technology can bring greater efficiency and trust to the billing system, benefiting all parties involved. It can prevent fraud, increase transparency and streamline the invoicing and payment process. This technology can create a more secure and efficient billing system ultimately benefiting all parties involved.

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