Blockchain is a revolutionary technology that records transactions in a decentralised digital ledger, where each transaction is stored in a cryptographically connected block. Peppol is a network for electronic procurement. It facilitates the exchange of e-invoices. What are the advantages of both techniques and how do you apply them? Read it in this comparison on Blockchain vs. Peppol
Blockchain vs. Peppol
Blockchain is a decentralised digital ledger technology. This technology records transactions in a chain of blocks. Each block contains a list of transactions. The blocks are cryptographically interconnected. This makes them highly secure. Blockchain does not need a central authority. This ensures transparency and trust in transactions. Well-known applications include Bitcoin and other cryptocurrencies.
Peppol stands for Pan-European Public Procurement Online. It is a network for electronic procurement. It helps companies and governments exchange e-invoices and other commercial documents. Peppol ensures standardised communication between different systems. This makes international trade easier and more efficient. The network is managed by OpenPEPPOL, a non-profit organisation.
Origins
Blockchain was introduced in 2008 with the launch of Bitcoin by an anonymous person or group known as Satoshi Nakamoto. The technology has developed rapidly since then. Today, Blockchain is used in various sectors such as finance, supply chain management and healthcare.
Invoices can be received directly from the Peppol network in TriFact365 via standardised mail addresses. In addition, TriFact365 also offers the capabilities of a DMS (Document Management System) and digital workflows.
Peppol was established in 2008 as part of an EU initiative to improve cross-border e-procurement. The aim was to reduce administrative burdens and increase transparency in public procurement. Since then, Peppol has been used by thousands of organisations worldwide.
Laws and regulations
Regulation around Blockchain varies greatly from country to country. Many countries have strict rules on the use of cryptocurrencies, which are an important part of Blockchain. In the EU, for example, there is the MiCA regulation, which regulates crypto assets. There are also privacy laws such as the GDPR that apply to Blockchain applications.
Specific guidelines and standards exist for Peppol. For example, in Europe, companies that invoice the government often have to send e-invoices via Peppol. The EU has also established the eIDAS regulation for this purpose. This regulation ensures electronic identification and trust services. Peppol complies with this regulation and other international standards. This makes it a reliable and legally recognised system for e-procurement.
Why you want to work with Blockchain and/or Peppol
As an organisation, you want to work with Blockchain and Peppol for several reasons. Namely, Blockchain offers unparalleled security and transparency. This is ideal, for example, for financial transactions and managing supply chains. Peppol, on the other hand, simplifies the electronic exchange of commercial documents. This saves time and costs and reduces errors in the procurement process.
This is how to put it right
To properly deploy Blockchain, first understand your organisation’s specific needs. Also, identify processes that benefit from improved security and transparency. Use reliable Blockchain platforms and ensure compliance with applicable regulations. For Peppol, you can start by choosing a suitable Peppol Access Point provider. Make sure your systems are compatible with Peppol standards and train your staff on how to use the network.
Shortcomings
Blockchain offers disadvantages as well as advantages. The technology is complex and expensive to implement. Scalability is a challenge and there are concerns about energy consumption with some Blockchain networks. Peppol may have limitations in countries where it is less used. In addition, it requires compliance with strict standards, which may mean modifications to your existing systems.
How TriFact365 integrates Blockchain and Peppol
TriFact365 integrates seamlessly with Peppol. Invoices can be received directly from the Peppol network in TriFact365 via standardised mail addresses. In addition, TriFact365 also offers the capabilities of a DMS (Document Management System) and digital workflows. Anno 2024, TriFact365 does not yet offer Blockchain(s) invoice integration or processing capabilities.
