The DFINITY Foundation, a not-for-profit research and development organisation based in Switzerland and a major contributor to the Internet Computer blockchain (ICP), has partnered with InvoiceMate, a a blockchain & AI-powered invoicing platform.
InvoiceMate.tech will migrate from Hyperledger Fabric to the Internet Computer. The DFINITY Foundation will support InvoiceMate in this transition as it becomes an important part of the ICP ecosystem.
InvoiceMate is a blockchain & AI-powered invoicing platform that acts as a bridge between SMEs and financing institutions. InvoiceMate leads to easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring, Buy Now Pay Later (BNPL), and supply chain financing. InvoiceMate has processed over $114 million in invoices and partnered with nine financial institutions with over $5mn in locked lending allocation.
As part of the partnership not only will InvoiceMate use the Internet Computer blockchain it will work with the DFINITY Foundation to add value to the ICP ecosystem as a whole. The InvoiceMate team will act as advisors and mentors for other enterprise blockchain projects. This will include running workshops for enterprise blockchain organisations, InvoiceMate’s large network of partners and universities that are interested in exploring the Internet Computer. InvoiceMate’s tech arm MateSol will also serve as a “dev shop” and support projects wanting to integrate ICP into their operations. InvoiceMate brings a wealth of experience from the enterprise blockchain industry and is set to play a large role in enterprise adoption for the Internet Computer blockchain.
Muhammad Salman Anjum, chief mate at InvoiceMate, said: “We’re excited to migrate to the Internet Computer blockchain. InvoiceMate has built its reputation on trust and efficiency, and that is what we are looking for in a blockchain. The Internet Computer enables us to use the power of invoices to aid SMEs in accessing credit but in a decentralised, tamperproof, and scalable manner.”
The partnership between the DFINITY Foundation and InvoiceMate strengthens the presence of the Internet Computer in the region. Recently, the ICP.HUB GCC was founded in Dubai and is one of the newest editions to the region, known as the Crypto Oasis, the fastest growing Blockchain Ecosystem in the World, now with more than 1,800 organisation and 8,650 individuals working in it.. The ICP.HUB GCC is a Web3 community of developers and entrepreneurs building the Internet Computer’s presence in the Gulf. The Hub is focused on education, including workshops for developers, incubation, helping founders from ideation to MVP, and developing blockchain use cases for corporates and governments. The ICP.HUB GCC also facilitates partnerships between the DFINITY Foundation and local enterprises.
Saed Ereiqat, co-founder of the ICP.HUB GCC, said: “Since the inception of the ICP.Hub GCC, we have been building the groundwork for projects to transiFor more information, visittion into the ICP Ecosystem smoothly, and we are seeing significant interest from the local ecosystem to build. InvoiceMate is the perfect example of a mature, Dubai-grown project moving to the ICP Ecosystem. I am looking forward to working with the team on developing corporate use cases powered by ICP.”
The Internet Computer is a general-purpose, layer-one blockchain that acts as a Cloud 3.0. The network has been operating for over two years and has experienced zero downtime. It also processes over 750 million transactions daily, a 425% increase from its first year of operation. The Internet Computer is the only blockchain network in the world capable of hosting social networks and enterprise systems, providing an alternative to the Legacy IT stack, which incorporates Web 2.0 infrastructures such as centralised cloud services run by Big Tech, which run databases and web servers.
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