Shelli.io releases invoice generator for IOTA payments

By March 6, 2020Altcoins
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  • According to shelli.io, bookkeeping and accounting for automated machine payments using IOTA is an unsolved problem that the company’s software is designed to solve.
  • The company has published a first proof of existence for the IOTA invoice generator.

A new exciting project from the IOTA ecosystem was presented yesterday by shelli.io. The German start-up wants to provide any company that comes into contact with IOTA payments with an easy-to-use and integratable invoicing and accounting software. With this, shelli.io wants to free the IOTA community from the burden of compliant payments, invoicing and accounting.

As Nikki Karg of shelli.io states in a Medium post, every company that will use IOTA will sooner or later come into contact with the topic of invoicing and accounting when machines and devices automatically exchange IOTA:

At the start of any projects these topics will not arise for entrepreneurs, makers or companies building a proof of concept, but will inevitably come into play in the long run. As an innovator you want to focus solely on the product and not tackle the tedious and complex topics of handling payments, invoice generation, accounting, audits, taxes and being generally compliant to state regulations.

With the features of the IOTA Tangle, the functionality of a normal invoice can be extended considerably, says Karg. Due to the immutability of the Tangle, the invoices become a “reliable source of truth”, which can be extended by compliance rules and standards, such as eCl@ss or Unified Identity.

The current status of the project is that shelli.io is testing a first form of the IOTA payment invoice service including an invoice generator with its partners. Furthermore, the company is looking for new partners who are interested in testing the system:

We are actively searching for more pilot projects in the IOTA ecosystem, wishing to talk about their needs in handling invoices and accounting and to generally receive feedback about our services.

Proof of Existence for IOTA invoice generator

With a blog post published yesterday, shelli.io presented a simplified concept for its invoice generator, how an invoice can be generated and integrated into the IOTA network. The invoice generator can verify the authenticity of each invoice and creates a hash for each invoice, which is stored in the Tangle at the invoice address.

This creates a direct link between the transaction data and the invoice. The authenticity of the invoice can be proven with the “Proof of Existence Tool”.

The next step is to make the tool compliant with the German law, § 14 of the Value Added Tax Act. In addition, notifications of incoming payments to the IOTA billing address will be implemented. Finally, Shelli.io plans to offer storage services where invoices are stored and encrypted on the Shelli.io infrastructure to comply with the legal requirements:

Companies have to store invoices for at least 10 years. That’s a long time and it’s not easy to handle the number of invoices, with respect to the duration and the upcoming M2M economy. None the less of keeping everything structured and thus easily auditable.

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