Under the spotlight today is Payblok.

The Payblock project is an extension of the already established ‘Instasupply’ platform aimed at helping SMB (small and medium businesses) to secure their cashflow by using smart contracts to facilitate faster payment for approved invoices.

For those not in the know, Instasupply is a cloud platform that provides business with a variety of tools to help them manage their cashflow. Clients can track spend across suppliers, bringing together workflow, suppliers, delivery schedules, secure invoice & credit document storage and much more. Instasupply currently has over 2300 businesses currently using its platform and was established in 2015, so there are already plenty of potential users of Payblok even before a concerted marketing campaign.

In Brief (the section for those too lazy, or busy, to read on)

In the broader context the issue of cashflow for small to medium sized businesses is one that many governments around the world are attempting to tackle- on average it can take 60-90 days for an invoice to be paid. There were reportedly a staggering 48% of invoices remaining unpaid past their due date in the US in 2017.

With small business typically accounting for the majority of companies by volume and a large portion of a nation’s GDP, a solution that ensures they have greater financial viability is a positive step.

When we consider also, that Instasupply already has a functioning platform that will provide easy access to thousands of businesses that would benefit directly from using this solution, we can see that Payblok is shaping up to be an interesting player.

(Instasupply platform snapshot. From the Payblok website: https://payblok.instasupply.com/)

How does Payblok intend to use blockchain within their solution?

Payblok (PBLK) is a token developed using the ERC20 protocol on the Ethereum network, which provides users with access to the benefits within the Instasupply system.

After the token sale, the tokens assigned to the Payblok team will be locked for six months whilst the reserve tokens will be locked for two years and will then have a three-year release time.

There are three key functions of Payblok tokens:
• Asset based lending
• Supply chain financing
• Acting as an integrated payment solution

The tokens themselves represent control over the final mile of your supply chain- invoice payment. Utilising smart contracts will allow users to set up conditions whereby once goods have been received and checked by the customer, the supplier is automatically paid as the conditions of the contract have been met. This is only enabled by blockchain and smart contract technology, and will allow for more beneficial business to business interaction.

Payblok’s Integration into Instasupply

(From the Payblok website: https://payblok.instasupply.com/)

As you can imagine this is a very experienced team which benefits from the experienced gained from successfully running Instasupply and serving many happy customers daily. Lee Pruitt, the co-founder and CEO, has a wealth of experience in B2B sales as well as e-commerce, both of which will be directly relevant to PayBlok’s area of operation.

Unlike the majority of ICOs whereby investors will have to potentially wait months for a beta version & substantially longer for a working product, in this case the team will simply be integrating Payblok into their currently running platform. According to their roadmap, the team are aiming for the combined solution to be fully functional by Q4 2019.

The Cryptographer's verdict

It is my belief that the fact that Payblok is set to be integrated into an already established and well used platform is certainly a positive trait of the project. Having that experience of navigating what can be at best described as a complicated and competitive environment certainly should not be taken lightly.

Due to the proven track record of the senior team & the clear business case outlined in their whitepaper Payblok has certainly impressed The Cryptographer.

Read more about the Payblok project at their website: https://payblok.instasupply.com/ or in their whitepaper: https://assets.ctfassets.net/5vuk877t9hxd/5WnTZdghpeAe8acWoQUkgs/81b04deb901d6b4391fb4fe7c0e87816/whitepaper-v1.1.5-020718.pdf
and if you have any questions the best place to ask is the Payblok Telegram group: https://t.me/joinchat/HZSTLA9rcKJJZKXUHlHkfA
Happy hunting!

PLEASE NOTE THIS IS NOT FINANCIAL ADVICE. YOU MUST ALWAYS DO YOUR OWN RESEARCH AS WELL AS READING OTHERS’ OPINIONS, ESPECIALLY IN THIS SPACE.

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