This is a regularly updated list of ideas for applications that can be built on top of Request.
There are many outside the box ideas that we have not thought about yet ourselves. Feel free to surprise us!
These ideas can be applied to new startups and existing companies which are entering the blockchain space. By connecting your company to Request, you will be able to access a modern and interoperable financial world adding simplicity for users and reducing costs.
Feel free to contact us when you are ready to take on the challenge.
Most of the invoices we pay are email or paper-based. In a digital world, this makes paying and detecting invoices hard and time-consuming. To solve this problem, companies such as Paypal added a sharing and settlement layer. As a result, this introduced an additional 3% fee on top of the invoice.
There are strong opportunities to improve invoicing by:
Reducing cost by having the detection of payments happen on the blockchain through Request.
Making it easy to detect incoming invoices by using Request as an interoperable invoice layer (i.e. one application creates an invoice, a different app can detect an incoming invoice and pay it)
Supporting cryptocurrency invoices
Transforming invoices into smart invoices (programmable) and allow the use of escrow or advanced payment conditions.
Improving data privacy by letting users encrypt their invoices end-to-end.
In the past years, we've seen an important number of startups such as Adyen or Stripe conquer the market of online payments. These startups invoice around 3% of the transactions to consolidate invoices and credit card payments. They also have access to all of the vendors data.
Request can help drive down the cost of transactions while allowing you to accept cryptocurrencies for payment. In addition, as with other projects based on Request, the network will simplify your clients accounting and buyers will keep their data privacy.
A gateway is the part of the system which allows the user to pay a request. Gateways can be integrated directly on your own website, or you can redirect to an existing gateway.
Accounting is one of the main pillars of the economy and is also one of the domains that has not evolved for a long time. We believe that accounting will become even more important in the future, evolving into an automated, real-time event which occurs entirely behind the scenes.
By plugging your system to Request, you'll be able to access the financial data of your clients in real time. The integrity of the data is ensured by the fact that an invoice is only shared between a client and a provider.
The combined revenue of the Big Four (Ernst & Young, KPMG. Deloitte and PwC) amounted to more than 134 billion U.S. dollars in 2017. The automation of accounting will make the activity of audit firms evolve in two ways:
The blockchain technology will enable analysis of exhaustive databases instead of proceeding by sampling.
The added value of audit experts will shift from transaction analysis to strategic consulting and advising.
In addition, we expect Blockchain databases to grow into one of the largest datasets of financial data available within the next 5 years.
We are interested in seeing startups design algorithms and processes to audit companies invoices on the blockchain through the Request protocol. By having access to the metadata of invoices you will be able to run an important amount of tests and analyses to detect financial or supply chain abnormalities.
How will one machine request a payment from another one? Which framework will they use? Where can we see the details of these transaction?
There are several frameworks you can plug your IoT device into including IBM Watson, AWS IoT, Google IoT, Azure IoT, Artik and Cisco IoT.
We are interested in seeing how you would plug a device directly into the Request Network to avoid sharing your private data with these platforms. We are also interested in seeing connections with these platform to realize a cross platform solution.
A salary is a type of request for payment that contains specific data. By allowing decentralized management of salaries on the blockchain, you will help reduce payroll cost, democratize crypto salaries and let users keep all their payslips in one place.
Revolutions come from the people.
Help detect inefficiencies and solve corruption by convincing NGOs and institutions to share their invoices on the blockchain in a transparent way.
Request empowers startups to build applications which analyse and visualize data to increase transparency. By doing so, these startups provide transparency towards communities which helps evolving our society toward more participation.
More information on why budget transparency is important :
Factoring is the business of selling an invoice to a third party at a discount to get financing.
The database of invoices within the Request network gives a simple way to view, share and sell invoices in a way that can be almost entirely automated, limiting the risks for the factoring company.
Nobody likes to call a client every day until they pay. Do you think we could automate this process if we had all the data of the invoices in the same place? How would you tackle this challenge and give the provider a simple way to launch a debt collection process?
Expense reimbursement is not simple. Even with the latest solutions, it is still tedious to claim your reimbursements. This process could be drastically improved if every receipt and every invoice you paid was recorded in a database.
At the moment of payment, your wallet might even ask you if you'd like to pay with a special account and add the information in the metadata of the invoice.
How do we get there?
We are interested in seeing startups help commerce, bars and restaurants accept cryptocurrencies--possibly without even noticing it. Request can match the invoice and payment without the usual cost from third parties.
For cryptocurrencies to reach mainstream adoption, people will need to be able to use them in their daily lives.
To take it one step further:
Will we see token cashback when paying?
Will we see bars creating and accepting their own cryptocurrencies through Request?
Having many people participate in funding a project is becoming more and more common. When popular crowdfunding companies take a 10% cut, there is clearly a lot of room for innovation.
We are interested in seeing people use Request for crowdfunding, ICOs and exploring how to have interoperable crowdfunding between different applications.
There is a growing importance to know the details of what we buy. This importance is critical for businesses where selecting their suppliers, and for individuals when voting with our money.
How would you improve supply chain traceability by including information in the metadata of an invoice?
Can we use standards, bots or manual verification to help trace products from their origin to the final consumer?
How should a client access this data when buying a meal or product?
The bank of tomorrow is in your pocket.
We are interested in projects which help detect incoming invoices and pay them--- and any other feature that will simplify our financial lives.
Each year, thousands of small and medium-sized enterprises (SMEs) go bankrupt while waiting for their invoices to be paid. The ECB (European Central Bank), in particular, is setting up solutions for this. Startups can complete this solution by creating a payment reputation system using Request and key indicators. Today, a provider still has to trust its client and might not be paid. Tomorrow, the provider will be able to verify the payers clients reputation and other indicators, such as DPO (Days Payable Outstanding) before agreeing to a contract.
Governments requiring companies to report all transactions could be creating errors and duplications. Request can also allow governments to view their economy in real time and automatically collect taxes from VAT or other sales taxes. This money would be instantly collected, and transferred to the treasury. Whether one is pro-government or not, the possibility to simplify and make the levies of taxes transparent is a real improvement.
We are interested in seeing startups work on projects with institutions on these subjects.
How much time will we spend in VR/AR tomorrow?
If we are going to make purchases inside these experience, we need to build a bridge between VR/AR frameworks and blockchains.
Mastercard and other actors are already preparing for such changes. Here is an example with their SDK : https://developers.mastercard.com/product/masterpass-ar-vr