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That’s How I Implemented Blockchain In Invoice management Platform as a Product Manager
When we came up with the idea of 'Invoicemate' (https://www.invoicemate.net/), we were soon confronted with the inherent risks and challenges of security that came with the electronic invoicing systems: the repeated reimbursements, want of bookkeeping, efficiency, and authentic preservation.
Therefore, the concept of integrating Blockchain in the invoice management platform came in handy due to its slue of attached benefits: decentralization, based on public key cryptography, timestamp, P2P network, distributed storage, consensus, incentive, etc. to achieve decentralized peer-to-peer transactions and collaboration.
How Blockchain Works?
Blockchain is not a new innovation instead, it is an advanced integration of contemporary technologies. It is a sophisticated amalgam of smart contracts, distributed storage, consensus processes, and data encryption. A chain of blocks, each containing a collection of transactions, is created by blockchain technology. Every block is attached to the previous one, creating a permanent record of each network transaction. So how is it ensured that the ledger is temper-proof? It is ensured by the decentralized nature of the Blockchain as an alteration to a block would be instantly detected and be visible to everyone on the network.
Why did we decide to integrate Blockchain into the Invoice Management Platform?
One of blockchain technology's most useful applications is the usage of invoice management systems, which can increase efficiency and trust in the system by offering a safe and transparent means to record and verify transactions. Traditional Invoice management systems are susceptible to fraudulent activities, such as merchants creating fake bills and submitting them to tax-paying authorities. Blockchain records allow for the recording of all transactions on a distributed ledger that is available to all parties. By doing this, all transactions are recorded in a visible and unchangeable manner, practically obliterating the risk of fraud.
Technical Architecture of Blockchain in Electronic Invoice Management
The Tech Stack Used
The platform was initially constructed on the Web Application Platform using HTML, CSS, and JavaScript. Invoices are created via the UI, and bill data such as owner name, bill ID, and so on are supplied as smart contract characteristics. A smart contract (a self-executing contract) directly incorporates the terms of the buyer-seller agreement into its lines of code. To ensure foolproof security, the data was placed on Ethereum Blockchain. Initially, the contracts were deployed on test networks before executing them on the main network. Solidity was used to construct the contracts and Remix IDE to create and deploy smart contracts, which have the utility of creating a chain of transaction records and executing business logic in the blockchain system.
How Does a Transaction Get into the Blockchain?
Creating the Smart Contract
The smart contract for the invoice generation system was created using Solidity, a
programming language specifically designed for the Ethereum blockchain. RemixIDE, a web-based integrated development environment (IDE) that enables developers to build, test, and deploy smart contracts, was used to develop the contract.
Creating Blockchains
For the implementation, the Ethereum Ropsten TestNet and Ganache were used as the blockchains. Ropsten TestNet is a test network for Ethereum, which allows developers to test their contracts without using real Ether. Ganache, on the other hand, is a localhost simulation of Ethereum, which allows developers to test their contracts in a local environment.
How Was it Implemented?
To implement this, the website Frontend was created using Web3, a JavaScript library that allows users to interact with the Ethereum blockchain. The following sequence of steps followed:
First, the contract that had been deployed on the blockchain is fetched.
Once the contract is fetched, an instance of it is created.
The relevant information about the invoice, such as receipt number, total amount, seller identification, and buyer identification, is filled in as parameters.
Once the parameters are filled, the event that has been created is described, and its emit function is called.
By storing the variables on the blockchain with this emit function, they become unchangeable and tamper-proof.
By enabling open access to all data stored on the blockchain, the system becomes transparent and trustworthy.
The Application Interface
The platform furnishes an excellent user interface for the shopkeeper or retailer packing a variety of options like inventory management and order management apart from just invoice generation. This vests the shopkeeper or retailer with dominant control over their inventory and orders, which facilitates them to keep track of the stock and avoid stockouts.
The platform also provides auxiliary functionalities like real-time updates, notifications, and reports, which can help the shopkeeper or retailer to make better decisions.
Optional add-ons on the Front End UI
The frontend can also include features such as user authentication, real-time updates, and notifications, to ensure smooth and efficient interactions with the blockchain contract. The front end can also include a user-friendly interface that allows users to easily navigate and interact with the contract. Overall, the frontend serves as the bridge between the users and the blockchain contract, making it an important
Conclusion
In a nutshell, the integration of smart contracts through blockchain in the 'Invoicemate' platform set us apart from the competitors and helped furnish an efficient and safe invoice management system that facilitated businesses to automate their invoicing process and reduce their costs tremendously. Thanks to Blockchain, our system became more transparent and trustworthy.
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