Russian Food Retailer Dixy To Use Blockchain For Factoring

Russian Food Retailer Dixy To Use Blockchain For Factoring
June 6, 2019

 

The cryptocurrency market continues in correction mode, which began earlier this week. Bitcoin (BTC) continues to see selling pressure. The cryptocurrency has lost roughly 9% in the past one week to trade at $7,856 levels. Notably, Bitcoin has gained 0.5% in the past 24 hours. Binance coin (BNB) stands alone with a solid gain of $6.60 in the past 24 hours to trade at $31.40. Likewise, IOTA (MIOTA) is trading at $0.4334, representing a gain of 1.6%.  Bitcoin Cash ($397.92, -2.4%), Litecoin (LTC-$104.43, 2%) and EOS (EOS-$6.40, 1.6%) are also trading with small gains. However, Ripple (XRP) is trading almost flat at $0.4042. Other altcoins which are trading with slight daily losses include Stellar (XLM-$0.1227, -1%), Cardano (ADA-$0.0834, -0.2%) and Tron (TRX-$0.03409, -2.3%).

 

Government level initiatives

The Republic of the Marshall Islands to launch a virtual currency

The Republic of the Marshall Islands (RMI) has established a non-profit institution for developing and launching of the country’s virtual currency.  In this regard, the RMI has set up the SOV Development Fund to back the government’s strategy and ensure the creation and implementation of the Sovereign National Digital currency (SOV) of the nation. The autonomous fund will be managed by a board comprising of seven directors, including two of them nominated by the government, and two appointed by SFB Technologies -the blockchain firm developing the necessary infrastructure of the SOV. The remaining directors will be elected on a unanimous basis by the four directors mentioned above, with priority to experts in the field of blockchain technology, banking, and monetary policy.

While speaking to the participants of Blockchain for Impact Summit at the United Nations Headquarters in New York, David Paul, the Minister In Assistance to the President, said, “We are designing SOV in a way that will not place any burden on the government’s finances. The currency funds itself.”

Peter Dittus, SOV Chief Economist, clarified that the primary objective of the SOV Development Fund is to create an appropriate ecosystem surrounding the SOV and minimize SOV’s volatility against the greenback.

 

Private sector initiatives

Kodak Services for Business presents extended portfolio

Kodak has claimed that the platform facilitates corporates and governments to improve the management of important documents and retain them in a safe environment while mechanizing workflows and ensuring access to records instantaneously.

Kodak has further stated that the system can assist organizations realize cost savings to a maximum of 40% by enhancing productivity and avoiding data loss. The company also unveiled a tool, named Scan Cloud, which enables processing data from any location.

Other topics that came up for discussion include “Smart Cities,” an idea where path-breaking technology is utilized to enhance overall framework and services in metropolitan areas.

In the past, Kodak has successfully used blockchain technology to set up databases. Recently, the company entered into a partnership with RYDE Holding to develop an image rights platform that safeguards copyright and assist photographers to monetize their creations. The company also conducted a limited trial of KodakONE, generating over $1 million in licensing claims.

 

In Russia, Dixy adopts blockchain technology

Dixy, which is the third-largest food retailer in Russia, has adopted blockchain technology to enhance its corporate funding mechanism. In partnership with vendors and factoring institutions, the Moscow-head quartered retailer has developed a blockchain platform that assists businesses to raise funds.  Factoring firms usually purchase third-party invoices at a discount.

After completing a successful trial, Dixy is now relocating the dealings between vendors and factoring firms to Factorin, an Ethereum (ETH) blockchain-based trade funding platform. Factorin offers a factoring management tool to vendors. The tool can be controlled via an internet browser or a mobile app, automating procedures, and facilitating vendors to obtain financing within one a day after the completion of delivery.  The tool adequately supports verification procedures and also minimizes manual labor and related risks.

Dixy further stated that the retailer is now shifting all its vendors dealing with factoring firms to the Factorin platform. The vendors will be able to receive financing from domestic Russian banks such as Alfa-Bank, Bank National Factoring Co, and Pervouralskbank, in addition to GPB-Factoring, a firm focused on factoring business.

 

Japan’s Rakuten joins forces with East Japan Railway Company

Japanese multinational, e-commerce firm Rakuten has collaborated with East Japan Railway Company (JR East), Japan’s largest railway company, to encourage cashless transactions. Using the Rakuten Pay smartphone app, the commuters will be able to load and use their rechargeable smart fare card— the “Suica” of JR East. Through a smartphone app, the unified facility will aid cashless travel-related transactions of commuters at 5,000 train stations and roughly 50,000 buses, and also in approximately 60,000 stores across the country. The service is scheduled to be launched in the spring of 2020. The two companies will study potential joint ventures to promote cashless payments.

In a $2.4 million deal, Rakuten bought local cryptocurrency exchange ‘Everybody’s Bitcoin’ in August of 2018. In January 2019, Rakuten updated its corporate restructure, establishing a new firm that focuses on payments and cryptocurrency business. Rakuten is also planning to develop a cryptocurrency exchange this month, named Rakuten Wallet this month, following the receipt of regulatory approval from Japan’s Financial Services Agency (FSA) in March.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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