An insight to Polara, a decentralized invoice authentication system

An insight to Polara, a decentralized invoice authentication system

It is my pleasure to introduce our new publication segment, where we will share the latest news and insights about our work, future goals and latest development of Polara. As a CEO I will make sure that our project is transparent as it can be and that our team will resist the temptation to sugar coat the potential negatives.

Facilitating the introduction of triple-entry accounting, Polara fulfils the need of business operations by providing reliability, security, direct linkage and decentralization for accounting data. Increasing trust, access, connectivity for businesses and auditing firms alike, processes are simplified and expenses minimized. As an experienced player with years of experience in a developing regulatory landscape, Polara seeks to disrupt and simplify the fiscal processes of governments, businesses and consumers.

Invoices today have hardly changed since its inception in business, but face issues of modern digitization. There are three main challenges that we should point out to: lack of trust in invoice data, lack of access and connectivity between centralized databases and a need for 3rd party verification brings tremendous auditing costs.

Polara builds in triple entry accounting system to improve the existing double entry system. Instead of double entry, a third entry would be created through the transfer between wallets in the same public ledger, establishing an interlocking system of stable accounting records. The third entry can be used to cryptographically protect the integrity of the two main parties, so that purchases of goods and services, payments of utility or other transactions can be kept parallel but integral. Polara pursues excellence in the performance of triple entry accounting.

We see the blockchain an essential part of our public accounting ledger. Using an immutable, verifiable and decentralized database on which to write and store related accounting transactions would provide comprehensive records of invoices while allowing real time updates. Due to the nature of Ethereum smart contracts, transaction ledgers can be restricted to provide primary parties sufficient privacy while authorizing third party’s ability to verify.

With a present valuation of $464 billion per year for the international accounting services market, 87% go toward auditing and tax compliance[1]. The market size of accounting software itself is projected to reach $4.4 billion by the end of 2024[2]. It is clear that the expenses of business operation overhead continue to grow hand-in-hand with the economy. Estimated to thrive and grow at a 6.3% compound annual growth rate (CAGR) between 2017 through to 2024, the accounting software market itself is projected to reach 4.4 billion.

Similarly, the progress of digitization and modernization has seen growing acceptance for the benefits of the blockchain technology. By 2022, the market is projected to reach a total size of $4.401 billion with governments and businesses enjoying blockchain benefits from government fiscal processes to business audits[3]. Combined with the growth of the accounting software market, there is no doubt that both accounting software and blockchain is the catalyst for optimizing our invoicing processes for tomorrow, today.

Studio 404’s Polara Solution is led by a team of experienced software developers, guided by prominent advisors with decades of experience in the fintech industry. With an organically grown base of 4000+ loyal business users of our invoicing SAAS solution — Enostavni računi, we are a market-proven, client-trusted firm based in Central Europe. Developing industry-compliant API for invoicing — Space Invoices, Studio 404 is pleased to extend its integration and upgrade it with blockchain based Polara system.

Stay tuned for further development of Polara!

Boštjan Pišler, CEO @ Polara

[1] https://www.alliottgroup.net/practice-management-resources-for-owner-managed-firms/disruption-in-accounting-market/

[2] https://www.researchnester.com/reports/business-accounting-software-market-global-demand-analysis-opportunity-outlook-2024/435

[3]https://www.researchandmarkets.com/research/wzsgzt/blockchain_market

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