Peer-to-peer invoice discounting platform Populous World is set to release its XBRL capability to the public.
XBRL (eXtensible business reporting language) is the data format that organisations like the HMRC (UK tax office) and the Securities and Exchange Commission (US financial regulator) use to report their publicly available business data.
According to the information at xbrl.org, they list 19 key organisations across Asia, Europe and the Americas who have all adopted this global standard.
With this standard comes the opportunity to now aggregate all this ‘Big Data’ to create useful business reports across the world. One cryptocurrency project that is looking to leverage this data and put it on the blockchain is Populous World – an invoice financing platform built on top of the Ethereum network.
Invoice financing is reported to be $3 trillion a year global market, it helps business with cash flow by allowing them to sell invoices immediately after they have been raised (Instead of waiting for the 30, 60 or even 90 days payment terms requested by debtors).
Populous World aims to help companies sell invoices for typically 95% of there value for an invoice with 30-day payment terms.
This extra 5% of value can be gained by passive investors who need to wait till the payments come through before realising their gains. Interestingly enough, the gains realised from invoice financed will be in a native populous GBP Poken that will function as an ERC20 stablecoin backed by 1:1 by investor profits on the platform.
What’s XBRL got to do with the blockchain
Populous World CEO Steve Nico Williams announced on Twitter: “In the next week or so, we will start the open building process of the Populous XBRL platform.”
This will utilise their PXT tokens (ERC20) to buy data credits for use on the XBRL platform. This will allow access to publicly available financial data and create reports about the business’s performance and most importantly creditworthiness.
“This means we are now confident enough to let you guys in to play around while we build to perfection,” Williams adds.
It’s been a busy few months in the Populous World project. They released their invoice financing platform, built on their XBRL-based data analytics capability, and finally announced their own decentralised exchange to trade all their tokens.
So far only a handful of invoices have been sold on the platform, but it looks like they’re bringing all the pieces of the jigsaw together to soon disrupt this $3 trillion-a-year global market.