The latest cryptocurrency news feature the Russian grocery chain Dixy which has recently partnered with a blockchain startup to launch a system running on ETH’s blockchain that will allegedly improve the trade finance for the business.
What is important to note is the fact that Dixy is the third largest retail player in the country. Now that Dixy is adopting Ethereum’s blockchain tech in collaboration with the Russian blockchain startup Factorin, we are about to see a new system that will benefit the supermarket chain.
The official announcement came this Tuesday, where the startup Factorin said that it is launching its system into production with the Dixy supermarket chain (holding 2% of the Russian market) known for gaining almost $5 billion in revenue in 2018.
As many best cryptocurrency news sites noted, the new system will allow the Russian grocery chain’s suppliers to receive payments within one business day instead of (the previous) two weeks. This will be the main benefit for the supermarket chain. The platform which runs on Ethereum also connects with several banks and factoring companies (which facilitate the settlements in the network) as the co-founder of Factorin noted.
The altcoin news also show that the Russian grocery chain Dixy is not the only company benefiting from this system. Among the first participants, we can see two Russian banks including alfa Bank and Pervouralskbank, as well as several factoring companies in the country. The platform is officially available for participants in both desktop and mobile interfaces.
The chief financial officer (CFO) at the Russian grocery chain Dixy, Julia Zhuvaga, confirmed the news and stated:
“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.”
According to Maklin’s statement about the partnership with the Russian grocery chain, there are around 20 nodes in the network at the moment, two of which are “fully fledged” on participants’ servers.
“Working with Dixy for us became an example of innovation in the large companies. We have ambitious plans for retail and other industries,” he concluded.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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