Nordic retail giants IKEA accept Ethereum-powered supply chain transaction
|- IKEA accepted the payment to settle a transaction with Nordic Store, a local retailer.
- The transaction was settled by Tradeshift, a blockchain-powered supply chain, payments and marketplaces expert.
Nordic retail giants, IKEA, settled a transaction with Nordic Store, a local retailer, via the Ethereum blockchain. As per a press release, Tradeshift - a blockchain-powered supply chain, payments and marketplaces expert - facilitated the transaction. Its platform used an ether-based version of the Icelandic krona, created by Monerium, to finish the transaction. Monerium is the first-ever fintech company to have been authorized to issue regulated e-money on blockchains.
Gert Sylvest, the co-founder of Tradeshift, talked about how the transaction was enabled by “smart invoices.”
“Programmable money regulated by governments will become the foundation for e-commerce payments because they enable so called ‘smart contracts.’ Smart contracts have many use cases. For example they can be used to generate ‘Smart Invoices’, which are invoices that basically settle themselves,” “We see smart invoices not just as useful for lowering administrative hurdles in business-to-business (B2B) cross-border transactions, but for building new financing models that makes it easier for enterprises to improve access to credit and improve cash flow. That is why we have built the world’s first smart invoice and now settled it with licensed digital cash together with Monerium. This is an important step forward.”
Sylvest added that the main focus is on digitizing the financial supply chain and making it programmable. If that’s achieved, then they can breakdown global barriers for small companies and open financial access to all the 190 countries where Tradeshift is operational.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.