Blockchain based Double Spending Prevention for Invoice Financing

Abstract

Invoice financing has been third largest financing market and is still growing continuously during last few years. To meet up immediate liquidity requirements most of the companies often use Invoice Financing as a key approach. By way of Invoice Financing, companies can encash the amount from financial institutes against an unpaid invoice for their immediate needs instead of waiting for due payments from their clients. Major challenges faced in invoice financing are double spending due to lack of communication between financial institutes and information security. Implementation of Blockchain for Invoice Financing can be a major breakthrough to avoid such challenges. In this Paper, we are presenting Hyperledger Fabric based Blockchain scheme to prevent fraudulent tryouts of double spending which will also provide security to the invoice information in order to facilitate immutability. Results show that, Blockchain can be used as an effective way to provide security, transparency, decentralization and avoid double spending.