hiveonline is the brainchild of a team of banking and technology professionals who think that building and running a small business shouldn’t be as difficult, painful and risky as it is today. SMEs struggle with cash flow and complain about administration, while the uncertainty and difficulty of finding trusted partners restricts their growth.
How it works
Our underpinning blockchain technology means that platform members know they can trust our records, without validation by a bank, government, or third party, and this also applies for banks, governments and third parties seeking the confidence to help SMEs. More than just a cool app, hiveonline is a financial trust platform that builds an indelible record of work completed, including hours, proof of work completed and decisions made by the end customer, such as receipts, chat interactions, photographs and certificates. Contracts between businesses and their customers store business rules for payment and connect to a system of e-wallets. This allows us to provide invoice-free payments and microfinancing to bridge payment gaps, instead of process-based loan applications and invoicing.
Our first horizon customers are SMEs in the construction, catering and agriculture sectors in Denmark and Sweden, busy working onsite instead of sitting at a PC all day, so our first horizon interface is mobile only. The platform adds business rules, analytics and some AI on top of our blockchain, with partner capabilities managed by third parties offering a rich variety of administrative services tailored to the market. We support this offering with community events and information, bringing the trust network alive to our core customers.
We are supporting organisations in the region including banks and innovation agencies in helping their SME customers realise greater potential. We have identified many macroeconomic factors that make this sector and region ideal for first horizon launch, including single sign-on protocols (NemID, BankID), low use of cash and high quality standards, which makes the target market eager to embrace a system that proves quality and trust.
Looking forward, however, hiveonline has applications to larger companies, charities, collectives and other organisations needing to relate decisions to payments and record keeping, and build a trust profile. As we learn from our first horizon customers, we will further refine our offering to include more analytics and AI supporting a wider variety of customer types. Early customer demand, not just from our first horizon customers, but from charities and large businesses, looks strong. We recognise the need to scale incrementally and are therefore developing syndication and licensing approaches to sectors that fall outside our target market at any given time.