PayBlok (PBLK) ICO Review – ICO Token News
Small and Mid-sized Businesses (SMB) are heavily affected by the impact of lengthy credit terms upon sale, with traditional financial products failing to cater to them. This leaves SMBs with few options when looking to alleviate cash-flow problems. Having identified this problem, InstaSupply is introducing Payblok, a token aimed at solving SMB cash-flow problems.
The business-to-business (B2B) payments landscape totaled $18.5 trillion for 2016 in the United States alone, and relies heavily on credit (42-48% in most countries, according to Atradius Collection). Typically, SMBs lack the resources to run best practice administrative tasks focused on payment and collection. Further to this, they are in a weaker position to negotiate payment terms with their suppliers. These two factors result in SMBs depending on credit to survive; a dependence that is exacerbated by the fact that half of all sales on credit failed to be paid on their due date, creating demand for even more credit. Despite this, banks have failed to offer any accessible solution for SMBs. With this in mind, InstaSupply are looking to further increase their support for SMBs by offering an early payment function on top of their existing platform—which connects buyers and suppliers matching purchase orders, deliveries, and invoices. This will enable provision of de-risked financial products to SMBs.
The Integrated Payment Solution
The development of payment facilities will benefit both buyers and suppliers, with the complete buying cycle remaining on a single platform; safe from external manual activities such as exports and reconciliations. Developing the payment portal within the platform will ensure that the complete procurement cycle will go through InstaSupply, creating security while also eliminating any risks associated with transferring data between platforms. We will utilise user-managed “Automation Policies” on our platform so that one of two actions can occur upon the approval of an invoice; if there is a PO and delivery already on the system that matches with the invoice in question, the invoice is considered approved, alternatively, if there is no PO or if there is PO but it does not match with the invoice, then the approval will need to be manually implemented. After this has taken place, the contract would activate a workflow, which will release funds to the supplier who has opted-in to Supply Chain Financing. This is a low-risk solution that enables InstaSupply to offer very competitive rates compared to traditional financial products, as InstaSupply has data on all parties involved in the transaction, enabling InstaSupply to measure risk far more comprehensively.
Supply Chain Financing
With the appropriate environment in place, an efficient workflow, automatic invoice approvals, and an integrated payment solution, the offer of Supply Chain Financing becomes viable. Similar financial products have historically ignored the kind of businesses that need it most: SMBs. The process of providing supply chain financing is simple and bureaucracy-free. With the supplier able to receive funds, net of fees, in less than 24 hours, benefiting from the transparency that Blockchain offers.
This type of lending is based on using Payblok Tokens as guarantee. If a loan is not repaid, the corresponding Payblok collateral will be taken by InstaSupply. To release funds in this way, the applicant business must have 60% of the required loan value in custody as Payblok tokens to provide guarantee collateral.
The interest rate applied on these transactions can be as low as 1% per month, since the transaction is derisked using those assets to cover any losses. This saves businesses from having to sell assets during a market fluctuation. If, at any time, the market value of Payblok tokens held custody drops below the current debit, InstaSupply is entitled to sell the tokens at market price and cover the loan.
The PayBlok Network Incentives
InstaSupply understands that every business already has its own process in place and all changes imply a (direct or indirect) cost. As such, we have developed a rewards system for businesses that engage with Payblok, with users receiving rewards for fully adopting the platform and successfully referring other businesses. This incentive structure shall cover any cost related to the change management in the short term and can become a proper revenue stream in the long term for companies that engage with the network.
Payblok is a crypto-asset (token) that allows its owners/holders the access to exclusive benefits inside the InstaSupply platform and it will be developed under the ERC20 Token Standard. Ownership of Payblok tokens does not entitle owners to any right in regards to Instasupply as a company, including but not limited to: profits, vote, or employment. As an asset, the initial sale of tokens will be subject to sales taxes according to each market. Following this, a token belongs to its owner and can be traded without restriction or the need for consent or participation from InstaSupply. Creation of the PayBlok ICO token enables InstaSupply to offer a range of products that solve the problems faced by SMBs as outlined in section 3 (“SMB Problems”). These products consist mainly of:
- an Integrated Payment Solution
- Supply Chain Financing
- Asset-Based Lending
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- Tim HuegdonCo-founder and CIO/CTO
Tim has over 17 years experience working as a senior web software leader and developer. His work history includes upper managerial technical positions at Amazon, Yahoo! UK, Betfair, as well as Rentokil Initial.
- Lee PruittCo-founder and CEO
12 years commercial experience selling B2B ecommerce and eprocurement solutions. Lee led global B2B eprocurement solutions for Grainger (the world’s largest B2B e-retailer) and started Tizaro, the largest online European ecommerce B2B distribution.
- Neil CrosbyHead of Technology
Neil has 11 years of software development and managerial experience. His professional career began at Mintel, and has since included other leading global brands such as Yahoo! UK, the BBC and Amazon.
- Michael DaviesChief Technical Architect
Mike has 19 years of software development experience. His career has lead him through a number of global brands, starting with IBM, before moving on to Legal & General, Yahoo! UK and Amazon.
- Jonny FordDevOps Engineer
- Peter FeatherstoneSoftware Engineer
Peter has been coding since he was 14 years old, and professionally for the past 6 years. He is an active member of the blockchain community.
- Lee JordanHead of User Experience
With 17 years experience as a web developer and user-experience specialist. He is a passionate front-end developer that has worked mostly with start-ups throughout his career, with the exception of the time he spent as a software engineer at Amazon.
- Marcus RaphaelHead of Business Intelligence
Marcus has 8 years in procurement for large companies in several industries including consultancy, mining, and telecommunications. At InstaSupply he focuses on analyzing trends and surfacing valued data captured within InstaSupply.
- Martin CoxallDigital Marketing Director
Martin has over 10 years experience in digital marketing, amongst companies ranging from E-commerce, to marketing consultancy, and B2B services. All of these experiences have been with start-ups, driving high growth through performance optimization.
- Bruno ValerioProduct Manager
Bruno has 4 years of experience in procurement, which has been equally spent in startups and in multinational companies. At InstaSupply, he analyses data and deals directly with customers, continuously aiming to improve the system.
- 1May, 2018
Begin marketing PayBlok and the subsequent new features within the InstaSupply platform.
- 2June 2018
Begin pre-sale of PayBlok tokens to key individuals and early registrants.
- 3July 2018
Open main sale of PayBlok tokens.
- 4Q2 2018
Begin application for regulation and compliance in order to be a fully regulated global business bank and lender.
Begin applications for inclusion of PayBlok on third-party token exchanges.
Upgrade InstaSupply architecture to support full payments.
- 5H2 2018
Build out of InstaSupply team to develop, support, market, and sell the extended product.
On-going development of new features.
- 6Q1 2019
Deliver integrated payment gateway for receipt and delivery of fiat currency between buyers and suppliers.
Deliver PayBlok wallets in the InstaSupply platform.
Provide full in-platform payment runs.
- 7Q2 2019
Provide transfer-in of PayBlok tokens to InstaSupply wallets.
Start providing PayBlok rewards to buyers and suppliers.
- 8Q3 2019
Provide purchase of PayBlok within the InstaSupply platform.
Provide Supply Chain Financing and Asset-based Lending
- 9Q4 2019
Provide transfer-out of PayBlok from InstaSupply wallets.
Provide cash-out of PayBlok tokens within InstaSupply.
- 102020 and beyond
Further development of the PayBlok token as a reward within InstaSupply.
Delivery of more regulated financial services for businesses.
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