• Sun, 16 Jun 2019, 11:50 PM
  • All times are UTC
  • Edition:
    International
Link copied

Russian food retailer Dixy integrates Ethereum blockchain-based financial platform Factorin

Svetlov Artem [CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)]

Thu, 06 Jun 2019, 02:49 am UTC

Russia’s third-largest food retail network Dixy has integrated blockchain technology to its corporate finance system, Cointelegraph reported.

Following a successful 6-month pilot phase, Russian blockchain startup Factorin revealed on Tuesday that it is launching its system into Dixy’s production.

The new Ethereum-based system will allow Dixy’s suppliers to receive payments within one business day, which is way shorter and faster compared with the previous 2 weeks. The system is also connected to several banks, including Alfa Bank, Bank National Factoring Co., and Pervouralsbank, and factoring companies (which expedite the settlements between the retailer and multiple suppliers) like GPB-Factoring using a single interface.

The platform, which can be accessed by members through desktop or smartphones, can also facilitate the verification process and reduce physical labor and related risks.

The blockchain-powered open trade platform has been in the test phase since December and has conducted a total of 12,000 test transactions over the period, Andrei Maclean, Factorin Founder, told CoinDesk. The test results revealed that the platform can significantly reduce the calculation time; thus, the decision to commercially launch the system was made.

Currently, the network is equipped with 20 nodes, and two of which are “full-fledged” nodes on the member servers. Three nodes are currently in the process of being created, while the rest are still working in the cloud.

Last month, payment startup Flexa and Gemini, a Winklevoss-owned digital currency firm, formed a retail initiative that facilitated instant cryptocurrency payments in stores and online for several retail merchants including Crate and Barrel, Nordstrom, Starbucks, Jamba Juice, Bed Bath & Beyond, and Amazon-owned Whole Foods. Through the new SPEDN mobile wallet app, consumers can pay merchants in Bitcoin, Bitcoin Cash, Ethereum, and Gemini Dollar.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,043.20 (+2.39%)
  • Ethereum (ETH) $271.13 (+0.90%)
  • XRP (XRP) $0.431900 (+5.27%)
  • Litecoin (LTC) $137.44 (-0.03%)
  • Bitcoin Cash (BCH) $429.98 (+2.13%)
  • Bitcoin (BTC) $9,043.20 (+2.39%)
Jun 14, 2019 (Friday)
10:49
Crypto Technicals: Bitcoin hovers around 20-DMA, poised for upside resumption
10:35
National Fisheries Institute to begin seafood blockchain pilot with IBM Food Trust
09:43
Reuters, Bloomberg, TradingView add support for new cryptocurrency index ‘CIX100’
09:26
Crypto Technicals: Litecoin retraces brief dip below $129, finds strong support at 110H EMA
09:08
Facebook's cryptocurrency project gets big backers including Mastercard, Paypal, Uber, Visa: Report
08:59
Circle to end support for its payment app, to shift to blockchain-based financial projects
07:27
Bitcoin startup Bitrefill closes $2M seed round led by Coin Ninja
07:21
U.S. FDA picks IBM, KPMG, Merck and Walmart to develop blockchain platform for prescription drugs
06:01
Turkey's BKM launches blockchain-based digital certificate platform co-developed with Microsoft and VeriPark
04:47
Bakkt to begin bitcoin futures testing on July 22
03:32
R3, Bradesco, Itau team up to develop blockchain-enabled platform for foreign trade and insurance: Report
02:36
Brazil considers promoting blockchain in public administration in new proposed bill
02:29
FINRA fines, suspends ex-Merill Lynch advisor for crypto mining business
02:25
Less than 5% of GitHub crypto contributors are women: Study
Jun 13, 2019 (Thursday)
11:25
John McAfee launches new cryptocurrency trading platform
10:27
Indian government-backed learning initiative SWAYAM offers free course on cryptocurrencies and blockchain
10:20
Crypto Technicals: ETH/USD consolidates break above 20-DMA, scope for further upside
09:29
Square Crypto announces former Google director Steve Lee as first hire
08:41
FATF to release new policies for global digital asset industry affecting crypto exchanges, custodians, hedge funds: Report
08:33
Crypto Technicals: Bitcoin Cash edges above 21-EMA, signs of bullish resumption
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft