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Work item:
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F.751.4 (ex H.DLT-INV)
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Subject/title:
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General framework for DLT-based invoices
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Status:
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[Carried to next study period]
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Approval process:
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AAP
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Type of work item:
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Recommendation
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Version:
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New
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Equivalent number:
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-
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Timing:
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-
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Liaison:
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-
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Supporting members:
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-
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Summary:
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DLT-based invoice is an invoice that can be issued, transferred and received in a structured electronic format over digital ledgers which allows for its automatic, electronic transactions based on the smart contracts.
It presents as a novel invoice service category, emerges as a promising solution to tackle the challenges by leveraging the capability of distributed ledger technology and the trust requirement of the stakeholders in the ecosystem.
The usage of DLT-based invoices is driven mainly by seeking to optimize the end-to-end trustworthy business process across the jurisdictions in the major processes, e.g., issuance, routing, processing, re-imbursement, auditing and so on.
The document is not proposing a "regulatory" framework. However, tax consideration involved by nature regulatory considerations must be addressed at a national level and are not the subject of this Recommendation.
The electronic exchange of the invoice content between trading partners’ accounts receivable and accounts payable business processes is to be recorded over the invoice digital ledger in trustworthy way with local tax compliance.
From a technology perspective, it needs to determine how the invoice will be transferred in a secure and interoperable way and how policies in different jurisdiction is enforced, and in the meanwhile the data privacy, security, trust and confidentiality have to be guaranteed, which is relevant to the following aspects:
Secure messaging infrastructure to ensure that senders and receivers can trust the system and confidently exchange invoices.
Programmable government tax policies that can be securely enforced.
Invoice data validation schemes to ensure that integrity of the invoice content.
Immutability of the digital distributed ledgers to allow stakeholders to store, validate the invoice based on their corresponding privileges;
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Comment:
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-
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Reference(s):
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Historic references:
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Contact(s):
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| ITU-T A.5 justification(s): |
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First registration in the WP:
2019-11-14 17:17:19
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Last update:
2022-02-01 16:30:24
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