The third largest retail network in Russia after the six-month test phase launched the Ethereum- based trading finance platform, CoinDesk reports.
The solution was developed by Russian blockchain-startup Factorin based on the private blockchain Ethereum. It is reported that the DLT platform will allow suppliers of the Dixy supermarket chain – 2% of the Russian retail market and almost $ 5 billion in revenue in 2018 – to receive payments within one working day instead of two weeks as before.
According to one of the founders of Factorin, Andrei Maclean, the blockchain platform connects with several banks and factoring companies through a single interface, which makes settlement easier. Among its first participants are Alfa-Bank and Pervouralsk Bank.
Macklin said that during the tests since December, 12,000 transactions were conducted. Testing has shown that the platform significantly reduces the calculation time and a decision was made to launch it commercially, he added.
“Technical visionaries love to delight the public with the stories of a beautiful future, but in fact, top management of any company wants to achieve better results not in a couple of years, but as soon as possible. This platform allows us to see the changes here and now , ”commented on the launch of the blockchain platform, Dixy CFO Julia Zhuvaga.
Currently Factorin has about 20 nodes, two of which are full on the member servers. Three more nodes are in the process of being created, others are working in the cloud, Macklin said. Dixie is the first major client for Factorin.
“Working with Dixie for us was an example of innovation in large companies. We have ambitious plans for retail and other industries , ”said co-founder of Factorin.
Recall that according to experts of one of the largest auditing companies Deloitte, the blockchain is able to revolutionize the retail industry. Technology-based solutions are already being used not only to finance trade, but also to track supply chains. French retail giant Carrefour claims that the use of the blockchain has helped increase turnover.
Publication date 05/06/2019
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