NFT billing puts an end to the ghost bill

Visma | yuki is the first company in Europe to make invoice processing more secure with blockchain technology. The blockchain technology is incorporated into Yuki’s accounting platform, which automatically verifies the authenticity of receipts and invoices. This is the first step in a completely secure automation of invoice processing and payment and the end of the ghost invoice. An important prerequisite for NFT invoicing to be successful is that the business community and the public sector take the protocol broadly.

Everyone agrees that computer accounting has many benefits. But until now, automation also meant a security and privacy disadvantage. Recognition software works well and quickly in most cases, but not flawlessly. The chance of phantom invoices slipping through the check increases with a high degree of automation. Organizations that receive many invoices and that have largely automated their invoice processing appear to be particularly vulnerable to this type of fraud. So even the most automated, innovative accounting systems do not always escape time-consuming human controls.

Open protocol

With Yuki, fully automated bookkeeping is within reach and with the introduction of NFT invoicing, there is now also a solution to the risks it entails. Yuki has developed an open protocol that is free and freely available to anyone who wants to use and apply it.

We want to explain: NFT billing is an open protocol that uses blockchain technology. This technology ensures that invoice flows are unchanged As a sender and recipient, you can view the invoice anytime and anywhere, but the content is impossible to adjust. This means that you as the recipient always have assurance that both the invoice and the original sender can not be adjusted in the meantime. In the short term, it will also be possible for the recipient to verify who the original sender is. You then know that an invoice on behalf of Vendor X actually comes from Vendor X. This also eliminates the reliance on a third party.

Data ownership

In practice, NFT invoicing works as follows: The supplier uploads his invoice to the customer via a transaction that is part of an online block, a kind of folder that contains encrypted data. Only the sender and recipient have the unique and unbreakable code that provides access to billing data in the transaction. Once closed and sent, a block can never be edited again. When the supplier sends the invoice to the customer’s e-mail address, a link to the block and the key to decipher the invoice information is automatically sent.

Jeroen van Haasteren, Yuki’s Product Manager: ‘The protocol based on blockchain technology offers three important benefits. First: because the invoice is located in the blockchain, the recipient knows with certainty that it has not been adjusted. Secondly, it will soon be possible to have the invoice signed by the sender, so that the recipient knows for sure who the sender is. It can not be used for fraud. And the third benefit: Because only the sender and recipient have the key that gives access to the invoice, this counts as data ownership. If you delete or forget the key, the data will also be legally deleted or forgotten. So you decide what to do with your data.

Less control needed afterwards

Since it still works, the creator of a ghost invoice can relatively easily find your billing address and send it a fake invoice that is indistinguishable from the real one. In many cases, the system will stop such an invoice, but unfortunately not always. The same scammer can not secretly adjust the invoice and sign it without the signature key thanks to blockchain. This makes automation much more secure. After approval once, the system knows that it can rely on subsequent invoices with that signature. That is, if it has not been modified according to the blockchain. Then the system can safely validate the invoice automatically, and subsequently checks are required much less frequently.

Decentralized storage

The encryption of the invoice is not a specific feature of blockchain, but an additional security that is added to it. Blockchain and encryption together form a strong duo. So the security key can not be broken or stolen through a hack. In addition, a block is stored decentrally on any server in the cloud that participates in the blockchain. The owner of the server where a block is stored does not have the encryption key. The person also does not know who owns it and who else has access. Blockchain combined with encryption is practically waterproof and super secure. These characteristics make blockchain very unattractive to criminals in practice.

It is therefore impossible for a criminal to change a block. One option would be to steal an invoice, but first you need to find a transaction with an invoice in. A mega game that costs sea of ​​time. If it still works, the criminal must also crack the deal. Should it succeed, which is almost a chance of 0%, then the criminal has invested an enormous amount of time and energy in stealing one invoice, which is not sure if there is a penny to be earned on it. This is anything but lucrative for a cybercriminal.

The new standard

NFT invoicing is an open protocol with open documentation. Anyone who wants to can use it. The potential is enormous and there is good hope that the validation protocol will evolve to a new standard. For example, the protocol can solve the problem of physical receipts. Now they often cause errors in scanning and recognition. How nice would it be if each receipt was automatically uploaded to the blockchain immediately after checkout and became the property of the buyer? A user can then digitally download the receipt with a QR code and upload it to, for example, the accounting system.

The prerequisite for NFT invoicing to be successful is that the business community and the public sector take the protocol broadly. Whether this happens depends, among other things, on political and strategic factors. If you look at it in terms of content, there really is no reason why NFT invoicing will not take the world by storm. There is a global interest in solving online security issues. This protocol will make the online world a little more secure.

Source: https://www.yuki.nl/nl/nft-invoicing-maken-een-einde-aan-de-spookfactuur?


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