Russia’s Food Retailer Dixy Employs Blockchain-Powered Trade Finance Platform Factorin
In its business finance solution, Russia’s third-largest food retailer Dixy has introduced blockchain technology. In collaboration between vendors and factoring companies, the Moscow-based distributor has implemented blockchain, representing intermediates acquiring invoices from companies at a discount to assist those companies raise money.
In particular, Dixy is now shifting the activities between vendors and factoring firms to an Ethereum (ETH) blockchain-based trade finance framework called Factorin, after a successful trial.
The Factorin platform offers vendors with a factoring control system that can be controlled through an internet browser or smartphone app, automating procedures, and allowing vendors to obtain financing within one day, the press release notes.
The system makes inspection procedures adequately easier and lessens manual labor and related threats, the firm said in the media release. Dixy mentioned that the vendor is now shifting all of its factoring-dealing providers to the Factorin system.
These providers will be permitted to obtain funds through funding from local banks such as Russia’s biggest private bank Alfa-Bank, Pervouralskbank and Bank National Factoring Co, as well as GPB-Factoring company which has expertise in factoring.
After the business introduced a blockchain-based monitoring mechanism, famous French retail company Carrefour recorded a substantial rise in revenues. Earlier, it was revealed that international retailer Walmart signed up with the blockchain-powered pharmaceutical alliance MediLedger, following the path of major pharma firms such as Pfizer.