As a cell is a basic building block of an organism, a transaction invoice is a basic building block of an economy.
While transferring a bulk order from one location to another, many invoices are generated. With that, many things can go wrong too, such as invoice format, payment dues, missing information, invoice authenticity, and more. We have created a dynamic NFT invoice that the logistics company creates for their client to fulfill the client's tasks.
The Invoice NFT is minted by the logistics company once the order is placed by the client, and all the recurring invoices info that occurs for that task is updated in the same NFT.
We also manage an escrow account that releases the payment after each milestone is reached.
Each milestone is approved by a supervisor managed by the logistics company except for the last one, the last milestone needs to be approved by the client. This ensures security and confirmation for completing the order.
At each milestone, the authorized supervisor for that milestone confirms that the shipment is in good condition, and updates the timestamp. Transaction hash is also updated once the payment is released by the escrow account.
With Dynamic NFT Invoice, we can also track the lifecycle of the shipment, and the client is also kept in the know about what's happening with the order. Basically, It also combines tracking of the order. By converting an Invoice into NFT, we bring the transaction info of every business on the chain, and this can be used to analyze the whole business and even the economy!
NFT Invoices also prevent fake/missing invoices which are a huge problem with tax avoidance, and they also prove as a proof of purchase for both client and the contractor which is a foolproof way to ensure that both of them are following proper business practices.
Moreover, with proof of purchase, it provides authenticity for the resale market with verified purchase from a brand.