- Dixy is a supermarket chain that controls 2% of the Russian retail market.
- The new platform allows Dixy suppliers to get payment in just one business day.
The Russian retail market will now have access to a newly launched Ethereum-based trade finance platform. The platform has been released into the market by the country’s third largest retailer Dixy following a six-month pilot stage.
The system has been launched in collaboration with a Russian blockchain startup called Factorian according to an announcement made on Tuesday. Dixy is a supermarket chain that controls 2% of the Russian retail market, besides the firm posted about $5 billion in revenue in 2018.
The blockchain-based trade platform was developed on a private version of Ethereum. Significantly, it will allow Dixy suppliers to get payment in just one business day, which is a significant reduction from the previous two weeks. The platform has formed a connection with various banks and factoring companies on a single interface.
The platform the current connects two banks Alfa Bank and Pervouralskbank and various factoring companies has been in pilot phase since December 2018. It has already tested 12,000 test transactions. The CFO of Dixy Julia Zhuvaga said in a statement:
“Tech visionaries like to thrill the public with the stories of the beautiful future, but in reality, top management in any company wants to see better results not in a couple of years but as soon as possible. This platform allows us to see the change here and now.”
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