Dixy is Russia’s third-largest food retailer and is reportedly to have implemented blockchain technology in its corporate finance system.
The Moscow-based retailer launched a blockchain-powered open trade finance platform dubbed as Factorin where in suppliers and factoring companies can interact with each other.
Factoring companies are third parties that purchase businesses’ invoices at a discount in order to help those businesses to raise funds.
The factoring platform provides suppliers with a factoring management tool that can be operated via web interface or mobile application, automating processes and enabling suppliers to receive funding within one day after a delivery is completed.
It was revealed by Dixy that the retail giant is moving all its factoring-dealing suppliers to the Factorin platform which should increase efficiency, security and transparency.
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