[Informative] Tokenization of Confirmed Payables on XDC Network

Creating a smart contract for tokenizing and verifying payables issued by major corporations from their ERP systems, like SAP, on the XDC Network involves a few steps. The goal is to have a secure, transparent ledger of payables that can be verified on the blockchain, thereby enhancing the trust and efficiency in corporate finance operations.

Below is a simplified version of a smart contract that could be used for this purpose. This contract will allow the registration of payables (represented by their unique identifiers and details), verification of their authenticity, and tokenization on the XDC Network.

Solidity Smart Contract for Payables Tokenization

solidity

// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

contract PayablesTokenization {
    // Owner of the smart contract (e.g., the corporation)
    address public owner;

    // Structure to hold payable details
    struct PayableDetail {
        string invoiceNumber; // Unique invoice number from the ERP
        uint256 amount; // Amount payable
        bool isVerified; // Whether the payable has been verified
    }

    // Mapping from a unique identifier (e.g., hash of invoice details) to PayableDetail
    mapping(bytes32 => PayableDetail) public payables;

    // Event emitted when a new payable is registered
    event PayableRegistered(bytes32 indexed payableId, string invoiceNumber, uint256 amount);

    // Event emitted when a payable is verified
    event PayableVerified(bytes32 indexed payableId);

    constructor() {
        owner = msg.sender;
    }

    // Modifier to restrict certain functions to the contract owner
    modifier onlyOwner() {
        require(msg.sender == owner, "Only the contract owner can perform this action.");
        _;
    }

    // Function to register a new payable
    function registerPayable(string memory invoiceNumber, uint256 amount, bytes32 payableId) public onlyOwner {
        require(payables[payableId].amount == 0, "Payable already registered.");
        payables[payableId] = PayableDetail(invoiceNumber, amount, false);
        emit PayableRegistered(payableId, invoiceNumber, amount);
    }

    // Function to verify a payable
    function verifyPayable(bytes32 payableId) public onlyOwner {
        require(payables[payableId].amount != 0, "Payable not found.");
        require(!payables[payableId].isVerified, "Payable already verified.");
        payables[payableId].isVerified = true;
        emit PayableVerified(payableId);
    }

    // Function to check if a payable is verified
    function isPayableVerified(bytes32 payableId) public view returns (bool) {
        require(payables[payableId].amount != 0, "Payable not found.");
        return payables[payableId].isVerified;
    }
}

Explanation

Ownership: The contract is owned by the entity that deploys it, presumably the corporation. This ensures that only authorized personnel can register or verify payables.

Payable Registration: Corporations can register payables by providing a unique invoice number, the payable amount, and a unique identifier (e.g., a hash of the invoice details). This process emits a PayableRegistered event.

Verification: Once due diligence is done (off-chain), the payable can be verified on the blockchain. This changes the isVerified status of the payable and emits a PayableVerified event.

Checking Verification: Anyone can check if a payable has been verified by calling isPayableVerified with the payable's unique identifier.

Integration with ERP Systems

Integration with ERP systems like SAP would require middleware or an API layer that can interact with the blockchain. This layer would:

Generate the unique identifier for each payable by hashing invoice details.

• Call the registerPayable function when a new payable is issued.
• Invoke the verifyPayable function once the payable is approved internally.

This approach ensures that the payables' verification and tokenization process is secure, transparent, and auditable on the XDC Network. It's important to conduct thorough testing and possibly engage in security audits of the smart contract to ensure its reliability and security, especially in a corporate finance context.