BlockBill : The Blockchain-Powered Paperless Billing Solution
transactions focusing on FMCG ( Fast Moving Consumer Goods ) scenarios , which most of us encounter daily . This solution not only eradicates the overhead costs of printing , the environmental impact , and security concerns but also enables a new business plan that creates fortune-making opportunities for participating players by virtue of the underlying Blockchain technology that involves setting up several nodes , which owners with computing infrastructure can host .
We aim to build a distributed and decentralized ( third-party ) billing system that stores the receipts of transactions on a Blockchain layer , providing security , trust , and transparency while ensuring data privacy and preventing misuse . This product would be the first of its kind in the market globally .
This digital solution preserves the ease of paper receipts for both buyers and sellers , making management more efficient . Since encryption is applied extensively , no personal and / or private data is stolen / exploited , as no centralized organizations are involved in the Blockchain architecture . As we explain later , our paper-free blockchain-based billing solution presented in this article contributes towards several UN Sustainable Development Goals [ 5 ], namely :
• SDG # 3 : Ensure healthy lives and promote well-being for all at all ages ;
• SDG # 8 : Promote sustained , inclusive and sustainable economic growth , full and productive employment and decent work for all ;
• SDG # 12 : Ensure sustainable consumption and production patterns ;
• SDG # 13 : Take urgent action to combat climate change and its impacts and
• SDG # 16 : Promote peaceful and inclusive societies for sustainable development , provide access to justice for all and build effective , accountable and inclusive institutions at all levels .
In today ’ s world , if you are making a purchase and ask for a receipt , there is a very high chance that you will get one printed on thermal paper . This thermal paper [ 9 ] is a special paper on which a thermal printer [ 10 ] prints by just heating ; ink is unnecessary . During the manufacturing process of this thermal paper , a mixture of heat-sensitive dyes and color developers is coated onto the base paper to create the desired effect [ 11 ]. Leuco dyes , organic acid developers , and sensitizers are some of these substances .
The market for thermal paper was valued at USD 3.45 billion in 2019 and is anticipated to grow to USD 5.85 billion by 2027 , with a CAGR ( Compound Annual Growth Rate ) of 6.9 % [ 6 ]. In this chapter , we introduce the current scenario of the billing system , highlighting its negative impact on our society . We also define the problem statement , list the possible use cases for the same , and present the novelty of our solution .
92 April 2023