Samlink is participating in an expert capacity in the development project implemented by the Federation of Finnish Financial Services to investigate how blockchain technology can be utilised for managing online invoice address registers. The purpose of the online invoice address register renewal project is to create an automatic address register which, among other things, would reduce the need for manual work. The data contained in the automatic register would be more reliable and better up to date than the current data which are entered manually into the systems. The goal is to do away with the rigid protocol for compiling and updating the register; instead, the up-to-date online invoicing data could be easily downloaded to the bank’s system from a common blockchain network.
The project’s Proof of Concept phase has just been completed. The scope of the Proof of Concept was limited to the basic-level functions of the online invoice address register. The technology tested in pilot operation functioned well, and the team is satisfied with the results.
The technology and implementation models are constantly evolving, but the results now achieved indicate that the project is feasible. The online invoice address register renewal project will benefit the businesses of Samlink’s customer banks. Basing on the experience gained from the cooperation project, Samlink’s experts will also survey other possibilities for using blockchain in the financial sector.