Dixy chain of stores has transferred work with suppliers to the blockchain

The Russian retail network Dixy will interact with suppliers using the blockhorin platform “Factorin”. Reports about it PRIME.

The platform provides for the exchange of data and documents between member accounting systems, while maintaining security and confidentiality.

It is reported that now suppliers of Dixy will be able to receive financing from such market participants as GPB Factoring, Pervouralskbank, Alfa Bank, NFC and others.

In addition, they will be able to interact with all factoring companies in the “one window” mode, and financing will take place within one day after delivery.

The business systems of the participants will automatically exchange data between themselves, and information about the transaction is available only to its immediate participants.

“According to the results of the successful implementation of the pilot project, Dixy Group of Companies began commercial operation of the independent blockchain platform“ Factorin ”for automation of work with factoring companies and suppliers. This is one of the first large-scale implementation of blockchain technologies in real business in Russia. The result of the implementation will be a significant reduction in the timing of verification in the process of factoring, minimization of manual labor and risks, ”said Dixy.

Experts believe that such a decision will significantly reduce the cost of ensuring the security and integrity of the chain of agreements on mutual obligations.

“Multilateral transactions operating with two entities: money and time are, one might say, an ideal case for applying blockchain technologies and smart contracts. Factoring, in which a third party takes over payment, fixing financial obligations related to time, is a good example of such transactions, and smart contracts best automate just such cases. In this case, all the necessary information is already in the blockchain – these are the participants' balances and time, it also ensures the indisputability and rigor of the execution of the transaction, ”said Sergey Prilutsky, co-founder of MixBytes, teacher of the supplementary education program at BCL.

Recall that in March, Dixy also announced the launch of the BigData platform, controlled by artificial intelligence using blockchain technology.

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