Website Whitepaper Twitter Facebook Telegram Linkedin Bitcointalk ANN thread
Pcore blockchain (distributed ledger) technology applies smart contracts to assign a unique fingerprint for every transaction. This makes it possible for businesses to automate their invoicing processes and take advantage of factoring services on the platform. Serving as a medium, Pcore ensures the safety of all parties’ funds while supplying the market space for business conduction. Each account has a unique record, transparently shown for all participants. Thus, through transparency, cred -itworthiness can be established through the blockchain platform.
Pcore is an end-to-end platform that will provide SMEs easy access to short-term financing by turning their accounts receivables into tradable assets. With a 24-hour turnaround available, the interest rates allow lenders to earn profits while sellers
gain vitally important liquidity for their daily operations.
The Pcore platform supports issuers, owners, and payers. Invoices can, therefore, be made available as a shared source of liquidity for factoring. Uploading the income date, lenders would have the option to choose the length of factoring and interest rate involved through smart contracts. Tokens would connect parties from around the globe, disregarding borders in the process.
However, only the firm itself or the recipient of the invoice can grant access to detailed financial data about a specific company or invoice. This enables real-time auditing to be conducted, improves the credit scoring process, and expedites credit approvals. Those companies with a positive credit history will attract lenders with more ease while incentives and will be available for use within their operations. The algorithm is based on companies XBRL data and risk scoring results.
The Problem
Pcore model aims to solve obstacles that modern-day companies face when dealing with liquidity and financial uncertainty. The main issues that plague numerous markets for some on regular bases are financial constraints &factoring, invoice verification, as well as non-transparent/outdated financial reports.
Invoice Verification
There are several steps required when verifying the authenticity of the submitted invoice. These include confirmation that invoiced services was actually delivered as claimed, inspection of operations that have direct links with invoiced service, and investigation of materials used to meet specified requirements upon which invoice was built.
With the implementation of the ERP system, Pcore intends to automate all processes involved in validity analysis, creating checkpoints for users to take when verifying genuinity of the potential partners. History of submitted invoices that the company provided to the public enables further automated assessment of validity and associated risk.
Non-Transparent and Outdated Financial Reports
The issue with non-transparent financial reports is probably as old as business itself. There are several reasons why companies wish to hide their true results, especially when invoicing is in question. Business plans and financial reports, in general, should show financial health the company has at the moment and in the past.
However, by either omitting key data or even manipulating their presentation, the firm in question would seem to be in a good position, whereas its true situation is quite different.
Although governments do enforce basic financial presentation guidelines through IFRS and GAAP policies, many companies to find a way to bypass them nevertheless.
The IFRS model represented a step forward when it came to bribery and illicit activities investigation. However, it cannot account for all possible venues where nontransparent reporting is in question, especially when SMEs are involved. The need for invoice factoring rose in recent years, with businesses emerging within the SME sector. However, the issues still remain regarding trust and accurate reporting.
Solution: Our Financial Data Format
As a presentation format of financial data within the platform, we opted for XBRL (eXtensible Business Reporting Language). The framework represents an open international standard for digital business reporting. It is used around the world, with companies from more than 50 countries implementing it within their operations. Millions of XBRL documents are created every year, replacing older, paper-based reports with useful, effective, and more accurate digital reports.
In other words, XBRL provides a language in which reporting terms can be clearly defined. In turn, terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance, and business reports. XBRL is often called “bar codes for reporting”, as it makes reporting more accurate and efficient. With unique tags, XBRL allows Pcore to develop its platform according to sophisticated market needs, providing:
• usable reporting documents that can automatically be registered, sorted and analyzed by Pcore
• general trust that all reports within the platform follow up sophisticated, pre-defined definitions
Additionally, comprehensive definitions and accurate data tags would assist parties to conduct various reporting tasks, including:
• preparation
• validation
• publication
• exchange
• consumption
• risk and performance analysis of business information.
To enable the exchange of summary business reports, XBRL enforces transaction tags within the platform. These transactional representations allow system-inde-pendent exchange and analysis of large quantities of supporting data. Thus, as the key towards financial reporting transformation, Pcore platform uses two core calculations to support investors in the evaluation of investment opportunity. These two calculations include:
1. Opportunity Qualification and Risk Assessment
2. Predictive Behavior Credit Scoring with Artificial Intelligence
Solution: Blockchain Technology
Since our platform completely relies on the blockchain technology, it is important to mention its features that we wish to implement within the Pcore invoice platform. These include smart contracts & public ledger, and smart oracles.
Smart Contracts
One of the main weapons that blockchain technology has to offer is smart contracts. These are cryptographic protocols that make up the transactional process. They verify, maintain and release funds between two or more parties, using negotiation as the basis of security. Thus, each smart contract has a list of predetermined requirements that need to be satisfied in order or smart contract to take place.
In the case of Pcore, we implemented the Ethereum’s technological tool by imbuing invoice and verification requirements into the contract. Additionally, the system takes into consideration the deal upon which buyers and sellers agreed upon, including invoice’s value, date of expiry, interest rate, “cover” features, and other functions. Once all of these prerequisites are satisfied, only then will smart contract release funds.
Each transaction is carried out through smart contracts, including deposits and withdrawals, securing the market place against fraudulent offers but hackers as well.
Smart Oracles
Although smart contracts are really useful in terms of inner-blockchain transactions, for external exchange services and evaluation of cryptocurrencies, smart oracles are needed. The protocol came in as a novelty in the blockchain world, as it allows users to verify real-world events, much like smart contracts with its prerequisites. However, it also takes into account the transitions within the platform, as it supplies smart contrast with necessary data.
At Pcore, we use smart oracles by combining the company’s information, financial status and include market trends, such as USD to the GBP exchange rate. We also take into other fiat currencies, as well as banking information if available, to constitute our risk management and score checks.
Ecosystem
Token Offering
Roadmap
March-April 2019
— Pre ICO-bounty
Within our marketing campaign we have considered the effectiveness and influence of social media content creators.
— Working with security auditors to finalize ICO contract
May — June 2019
— ICO
20 Mill ion (PCC) will be offer for token sale.
— ICO-sale coins released
PCC sold in pre-sale and ICO wil be released to buyers. Further information and updates will be announced through twitter.
— Exchange listing
July — September 2019
— New office site
Reaching the end development of the invoice trading platform with the hired software developers to perfect the functionality and use for businesses and investors.
— Testing Pcore platform
At this stage we aim to have to go through the necessary tests and have a select amount of business start uploading invoices to start the platform off for launch.
October 2019
— Launch invoice trading platform
December 2019 — January 2020
— Start of building invoice software for China
March 2020
— Pcore software launch date
April — May 2020
— Start market research for penetration of Pcore into China
— Integrating and testing Pcore software into Chinese invoicing market
June 2020
— Marketing campaign start for Pcore platform in China
July 2020
— Explore new markets
— Explore new software development for invoicing
Website Whitepaper Twitter Facebook Telegram Linkedin Bitcointalk ANN thread
=============================================================
The bitcointalk name: mreretic
Profile links : https://bitcointalk.org/index.php?action=profile;u=1716487
Cryptocurrency 