Categories: Ethereum

Russian blockchain start-up goes live with supply chain finance platform

Click here to view original web page at www.gtreview.com

Related News

Factorin, a Moscow-based fintech start-up, has launched a blockchain-powered supply chain and trade finance platform, following a six-month pilot.

Based on a private version of Ethereum blockchain technology, the distributed platform is made up of around 20 nodes, which co-founder Andrei Maklin tells GTR are located within participants’ servers. “Each of the large players has their own nodes, and these nodes are within their IT perimeter of security, and integrated into their systems,” he says. “That includes the warehousing systems, the logistics systems, CRM, ERP, and document management systems. The data is kept at the node, but we connect the systems of the various players so that they can communicate with each other without human intervention.”

Currently, the system offers invoice discounting capabilities, via a series of automatically-generated, legally-binding documents. “When the supplier delivers the goods, as soon as the goods are scanned into a system which is integrated to the node, we generate all the supporting documents that are needed on behalf of the buyer. The system allows us to prepare different sets depending on the requirements of the banks or other participants. These documents are automatically signed and replicated on the nodes of the intended participants of the deal,” explains Maklin, who stresses that all of this data is only replicated on the nodes of the participants, and that Factorin as a platform does not have access to it.

A supplier can then select which invoices it wants to access financing for, via a mobile app. According to Maklin, suppliers on the platform are guaranteed to receive financing within 24 hours, which means much-needed working capital for small businesses.

The digital signature on the documents is legally binding under Russian law, and given that the documents are signed automatically, the only human intervention required is for occasional checks and verifications.

The system has been in testing since December 18, and has processed approximately 12,000 transactions since then. It now counts 13 banks among its participants, and Russian retail giant Dixy has already gone live on the system, allowing its suppliers to receive payments within one business day instead of the previous two weeks.

Following the success of the pilot in Russia, the Factorin team now plans to shift its operations to the European Union. Maklin explains that the system of digital signatures within Factorin is also legally valid in Europe, and the only localisation work required will be to add on extra languages to the mobile app and platform, currently solely available in Russian and English. GTR has learned that Factorin has already held meetings with as-yet unnamed banks and lenders in the region, with aims to incorporate a new EU entity by this autumn.

Factorin, a Moscow-based fintech start-up, has launched a blockchain-powered supply chain and trade finance platform, following a six-month pilot.

Based on a private version of Ethereum blockchain technology, […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

‘Satoshi’s sister’ predicts ‘mind boggling’ BSV price after Tulip Trust sale

tumblr_static_f4nhh5q3oa0o80sgwgww4c4ws (2) ‘Satoshi’s sister’ Lisa N Edwards expects Bitcoin SV to skyrocket after brother Dr Craig S Wright sells off… Read More

6 hours ago

CME to add options trading for Bitcoin and expand Bitcoin futures

The Chicago Mercantile Exchange (CME), the world’s largest options and futures exchange, announced today that its thriving bitcoin futures contracts… Read More

6 hours ago

Can Bakkt Really Do Anything for Bitcoin at This Stage?

At press time, bitcoin is trading for about $10,169. The currency has gone through some very strange behavior over the… Read More

6 hours ago

Bitwise Creates Document Explaining Why the Time for a Bitcoin ETF Has Come

Bitwise has produced a 31- page document that it has sent to the Securities and Exchange Commission ( SEC ).… Read More

6 hours ago

NASA Looking For Data Scientist With Cryptocurrency Experience

NASA (National Aeronautics and Space Administration) appears to be on the hunt for a data scientist who, amongst other qualities,… Read More

6 hours ago

High Hash Rate May Bolster Bitcoin Bulls Despite Near-Term Bearishness

After incurring a sudden influx of buying pressure that sent Bitcoin’s price surging to highs of nearly $10,500, BTC has… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More