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.
Project Description
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.
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How it's Made
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.
