BlockBill : The Blockchain-Powered Paperless Billing Solution
3 . Integration with Legacy Systems and Interoperability Issues
Many businesses have age-old legacy systems that would be required to interface with our product . But with appropriate plumbing interfaces and adapter software , a systematic integration is very much achievable .
4 . Regulatory Compliance
In the realm of billing systems , there are inevitable entanglements with regulations and compliance requirements specific to the law of the land . We will be addressing it with a Compliance-wrapper module , which will be based on a library of Smart contracts .
5 . Data Security and Privacy Concerns
The concerns regarding users ' data security and privacy are resolved with Blockchain-based solutions and become narrower compared to the existing centralized solutions , which not only sets us apart but gives us an upper hand over all other existing solutions .
From the above , we see that there are many significant and challenging obstacles as explained above . Our solution can be scaled and adapted to dissolve most of them . The residual obstacles , if any , would be screened out because of our product ' s benefits . These benefits are as follows :
1 . Competitive Advantage
Since this is a blockchain-based product , it removes the cyber-security , trust , transparency and accountability issues associated with a single point of failure / compromise , centralization , provide an augmented querying capability , and these advantages act as motivation for adopting the product . Big and small vendors see the tradeoff of potential benefits against adoption costs and can make an informed decision .
2 . Time to Market
We have a multi-platform operational version of the product , working as both a website and android application , which can be deployed instantaneously , enabling organizations to capitalize on the new product quickly .
3 . Customer Satisfaction
Buyers and sellers have improved customer satisfaction due to the complete realization of all required features needed for a billing system .
108 April 2023