Core Functionality
- Smart Contract Invoicing: Create, send, and settle invoices directly on the Ethereum network, ensuring immutable payment records and instant escrow release.
- Carbon Offset Verification: Integrate with verified carbon offset registries; each offset purchase is minted as an ERC‑1155 token that ties to a specific invoice.
- Green Credit Dashboard: Visualize total offsets purchased, remaining credits, and impact metrics (kg CO₂ saved) in real time.
- Automated Compliance Alerts: Receive on‑chain alerts when business meets or misses sustainability targets set by local regulations.
Problem It Solves
Small businesses often struggle with fragmented invoicing systems that lack transparency, and they face rising pressure to demonstrate environmental responsibility. Traditional payment platforms do not provide verifiable proof of carbon offset purchases, leading to trust issues with customers and partners. EcoPay Ledger consolidates invoicing, payment settlement, and sustainability tracking into a single, auditable platform.
Technical Requirements
- Ethereum Smart Contracts (Solidity) for invoice creation, escrow logic, and ERC‑1155 token minting.
- IPFS / Filecoin to store receipt PDFs and offset certificates off‑chain while referencing them on‑chain.
- Web3.js / Ethers.js front‑end libraries for user interaction.
- Node.js + Express backend for off‑chain integration with third‑party carbon registries.
Monetization Strategy
- Transaction Fees: Charge a small percentage (0.5%) on each invoice settlement to cover gas costs and platform maintenance.
- Subscription Tiers: Offer a free tier with basic invoicing; premium tiers unlock advanced analytics, bulk offset purchasing, and priority support.
- Offset Marketplace: Take a commission (10–15%) on carbon offset token sales facilitated through the app.
Implementation Approach
- Requirement Analysis & Design – Define contract specifications, user flows, and compliance rules.
- Smart Contract Development – Write and audit Solidity contracts for invoicing, escrow, and ERC‑1155 minting.
- Front‑End MVP – Build a React dashboard with wallet connection (MetaMask) and invoice UI.
- Off‑Chain Integration – Set up Node.js services to fetch offset registry data via APIs and store proofs on IPFS.
- Testing & Security Audit – Perform unit tests, integration tests, and third‑party smart contract audit.
- Launch Pilot – Onboard a handful of local businesses, collect feedback, iterate.
- Scale & Marketing – Expand user base through partnerships with local chambers of commerce and sustainability certifiers.
Potential Challenges
- Gas Cost Volatility: High Ethereum gas fees can deter usage; solution: implement meta‑transactions or layer‑2 rollups (e.g., Polygon) for cheaper execution.
- Carbon Registry Integration: Different registries use varied APIs; solution: build adapters and rely on a unified schema like the Greenhouse Gas Protocol.
Future Expansion
- Layer‑2 Scaling: Migrate core contracts to Optimism or Arbitrum for lower fees.
- Multi‑Chain Support: Extend to Binance Smart Chain or Solana for broader reach.
- Marketplace for Secondary Credits: Enable businesses to trade surplus ERC‑1155 credits with peers.
- AI Impact Analytics: Use machine learning to predict future carbon savings and recommend offset strategies.