IKEA Iceland has used Ethereum ETH expertise to settle an bill with an area retailer, accepting fee in blockchainified digital money.
Provide chain funds agency Tradeshift facilitated the switch utilizing an Ethereum-based model of the Icelandic króna created by ConsenSys-backed startup Monerium.
A press launch confirms the fee was executed on behalf of Nordic Retailer utilizing good contracts programmed on the Ethereum blockchain.
“As the primary firm licensed to situation e-money on blockchains, we’re delighted to reveal the advantages of blockchains for mainstream B2B transactions utilizing a authorized type of digital cash,” stated Monerium CEO Sveinn Valfells.
IKEA‘s foray into Ethereum is feasible because of a landmark regulatory resolution that permits Monerium to situation digital fiat to be used inside the European Financial Space.
Whereas digital cash has been round for a very long time in Europe, settling invoices in digital fiat with good contracts is one thing new. It’s hoped this can speed up cross-border funds throughout a number of jurisdictions.
“Not like cryptocurrency which is unstable, e-money is a confirmed digital various to money, regulated and redeemable on demand,” stated Valfells. “Utilizing programmable e-money in good contracts heralds a brand new class of funds.”
Revealed October 2, 2019 — 13:33 UTC