When it comes to the application of the Blockchain, you always hear of Smart Contracts. This is a “automated Contracting”. This is performed with the help of computer software, when certain initial conditions are met. This technical application of the Blockchain technology has great Potential in the areas of Finance and Supply Chain. Not seldom is used for the Ethereum Blockchain. Now the furniture giant IKEA in Iceland has used a Smart Contract on Ethereum, in order to simplify the processing of an order from a local retailer.
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IKEA uses a licensed E-Money and Smart Invoice via Ethereum
The transaction was carried out on a platform in the Supply Chain Management company, tradeshift, and programming used “digital cash” from the ConsenSys supported Monerium. This message was announced from tradeshift on Tuesday. Through the transaction, the retailer bought Nordic Store, Goods from IKEA and paid for an E-invoice with the tokenized Icelandic crown of Monerium.IKEA is not the first company that uses a Smart Contract on Ethereum. However, the special feature of the transaction, the use of a Smart Invoice (“the clever account”) in combination with the licensed digital money of Monerium was. So Monerium and tradeshift, the “world’s first” transaction shows that “state-regulated, programmable electronic money for the Mainstream markets is ready”.
IKEA uses the services of Monerium and Tradeshift
In the transaction, the actors took advantage of the tokenized Iceland Krona in Reykjavik resident Monerium. Monerium is approved by the Icelandic financial Supervisory authority (FME) as the first E-money institution. This is the first Startup which has received official approval for the provision of Fiat payment services via Blockchain systems in the entire European economic area.Furthermore, the two companies have leveraged on the platform of the company trade shift, in order to complete the transaction. Tradeshift also produced the “Smart Invoice” for the transaction. The company has been supported in the past may, of Goldman Sachs in a $ 250 million round of financing. Overall, the investors valued the company at 1.1 billion $.With a “Smart Invoice”, we can issue tokens that represent the future cash flows to every Dollar on the bill. Who has the Token, will be paid at maturity, what makes Smart Invoices ideal for use in financial services,“ says Gert Sylvest, co-founder of Tradeshift.You don’t want to buy Bitcoin, you know, but where? To decide the right provider is not always easy. Therefore, we recommend that you take the time to look at our Bitcoin Broker & exchanges comparison. Often several providers are already required to really get all the Cryptos to cover. See for yourself: Bitcoin Broker & stock exchange compared with that now read.
IKEA seems to be the Ethereum Blockchain to be done to
IKEA plans (up to now) but not such transactions on a regular basis about Ethereum perform. However, it seems that the Blockchain technology could have done to the company. Stefan Arnason, the CFO of IKEA says:
A programmable financial Supply Chain, the trading partner information flows with Cash flow through Smart Contracts can connect, will change the interaction between suppliers and customers.
From the point of view of Crypto-Fans and Blockchain enthusiast, it is nice to see that companies deal with the technology and the Crypto Adoption drive.IKEA uses Ethereum for one of his transactions. What do you say to the Attempt of IKEA’s to use the Blockchain technology for themselves? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)