The history of the Populous World dates back to 2017. It is a peer-to-peer (P2P) invoicing platform. Populous World uses blockchain’s distributed ledger technology to provide a global trading platform for invoice finance.
It wants to reduce the need for third parties in invoice transactions. On its platform, there are two primary types of transactors: invoice sellers and invoice buyers.
What you should know about Populous World
Populous World aims to reduce or eliminate the need for either third parties in invoice transactions or financial institutions that have traditionally been moderators in these types of deals.
As stated earlier, on its platform, there are two primary types of transactors: invoice sellers as well as invoice buyers. Furthermore, invoice sellers could also be thought of as borrowers, while invoice buyers could be thought of as investors. At first, an invoice seller offers an invoice with specified terms, which is then available through the Populous platform.
Interestingly, an invoice buyer views the available invoices and determines which one(s) they would like to invest in. The buyer makes a bid for the listed invoice, setting an interest rate in the process.
Next, the invoice seller views and approves the bid, and the invoice is sold. Furthermore, at this point, the invoice seller releases the invoice and receives funds equivalent to the bid. Lastly, once the invoice is settled at a later time, the invoice buyer receives their funds and returns.
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Global Invoice Market and business owners
It is noteworthy that the invoice market is not a new concept. As a matter of fact, invoice markets exist around the world. Nevertheless, invoice markets tend to function in localized and limited market areas.
Where Populous World aims to impact the invoice market is in its scale. By connecting business owners with invoice buyers worldwide, it wants to create a global invoice market.
The above-mentioned P2P invoicing platform claims to offer a number of benefits within its service. First, Populous World offers high speed as well as low costs; invoice sellers are able to receive immediate funding from invoice buyers without the need for third-party intermediaries.
As a reminder, because smart contracts are used to perform funding and the collection and release of payments, transaction fees remain low.
Furthermore, the platform claims to offer both buyers and sellers access to transactions and the Populous platform worldwide, regardless of location. Moreover, its platform records all transactions transparently and on the Ethereum blockchain, helping to ensure safety and privacy throughout the process.