I came up with BFactor over 6 months ago during the COVID lockdown where I saw lots of businesses struggling to secure the required funds to remain in business. Most of them had accounts receivable with payment terms of net45 or 60. Due to the lack of recurrent sales those business needed to collect the amounts owed at any cost using a safe and a reliable platform.

What it does

BFactor is a blockchain-based spot non-recourse invoice factoring protocol and platform. BFactor allows small businesses with no access to portfolio factoring to better manage their cash flow and secure funds required for business continuation or growth in the tough post COVID-19 market.

How we built it

BFactor smart contract is built using solidity. The dApp is created using HTML, Bootstrap, CSS and web3.js.

Challenges we ran into

Although we managed to deploy the smart contract to RSK testnet but the porting and linking the dApp to RSK was challenging. (RSK address 0xb9f532c95efd57cb33ae6d3f0e205863ac302fe6 and BFactor smart contract address on RSK is 0x088390477337f7cBF9E525B06CB30aA008f861F7).

Accomplishments that we're proud of

It is wonderful to see my concept developed to a working prototype with the potential to become a product in the market. The development of the commitment scheme was slightly challenging but a great exercise.

What we learned

  • The use of zero knowledge proofs is very complex and can be replaced with a more simpler approach that serves similar purposes
  • Invoice tokenisation is quite a complex task but bears a lot of potential

What's next for BFactor

Attract funding to take the project through to full development. The potential to increase the remit to more jurisdictions and create a fully integrated economic model for the ecosystem.

Please kindly review the presentation and the source code at: For presentation: BFactor_Presentation.pdf - For source code:

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