AISON

AISON

AISON: Automated Invoice Solutions ONchain Traditional trade finance and Letter of Credit (LC) systems are plagued by long processing times, high costs, and opacity, leading to inefficiencies.

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Built at ETHIndia 2023
AISON

AISON

AISON: Automated Invoice Solutions ONchain Traditional trade finance and Letter of Credit (LC) systems are plagued by long processing times, high costs, and opacity, leading to inefficiencies.

The problem AISON solves

Traditional trade finance and Letter of Credit (LC) systems are plagued by long processing times, high costs, and opacity, leading to inefficiencies and trust deficits. These systems, often mired in paperwork and prone to human error and fraud, fail to meet modern business needs effectively.

AISON tackles these issues by migrating trade finance onto the blockchain, offering unmatched transparency, security, and efficiency. Blockchain's immutable and transparent nature significantly reduces fraud and errors, boosting trust among parties. Smart contracts automate processes, cutting down transaction times and costs.

A critical innovation in AISON is the use of Merkle proofs for LC verification, adding a layer of security and authenticity. This method allows parties to verify document authenticity without exposing confidential details, further reducing fraud risks.

AISON's solutions streamline trade finance, especially benefiting small and medium-sized enterprises often overlooked by traditional systems. It creates a more inclusive, efficient, and secure environment, revolutionizing global trade.

Challenges I ran into

One significant challenge in the development of AISON was grasping the intricacies of the 1inch plugin. 1inch, known for its decentralized exchange aggregator functionality, involves complex aspects of cryptocurrency trading and liquidity protocols. Integrating this into AISON's framework required a deep dive into the 1inch API and its plugin architecture.

Tracks Applied (7)

1inch Track

In the context of an NFT Invoice Lock Pool, where investors channel funds against the NFT representing an invoice in a t...Read More

1inch Network

Arbitrum Track

AISON, integrated with Arbitrum’s Layer 2 scaling solution, stands out as an innovative player in the trade finance sect...Read More

Arbitrum

Polygon Track

The integration of trade finance on the blockchain, particularly through platforms like Polygon zkEVM, signifies a pivot...Read More

Polygon

Base Track

How AISON Fits Into the Base Track Utilizing Base’s Blockchain Capabilities: Smart Contract Integration: AISON leverages...Read More

Base

Chainlink Track

I have used chainlink automation for updating the on-chain Invoice which is a Dynamic NFT that gets modified by the chan...Read More

Chainlink

Alliance Track

The concept behind AISON (Automated Invoice Solutions ONchain) holds immense potential to transform into a successful st...Read More

Alliance

Scroll Track

The Invoice, Trade, and Factoring Contracts are deployed on the Scroll Invoice Contract: https://sepolia.scrollscan.dev/...Read More

Scroll

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