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  • IKEA accepted the payment to settle a transaction with Nordic Store, a local retailer.
  • The transaction was settled by Tradeshift, a blockchain-powered supply chain, payments and marketplaces expert.

Nordic retail giants, IKEA, settled a transaction with Nordic Store, a local retailer, via the Ethereum blockchain. As per a press release, Tradeshift – a blockchain-powered supply chain, payments and marketplaces expert – facilitated the transaction. Its platform used an ether-based version of the Icelandic krona, created by Monerium, to finish the transaction. Monerium is the first-ever fintech company to have been authorized to issue regulated e-money on blockchains.

Gert Sylvest, the co-founder of Tradeshift, talked about how the transaction was enabled by “smart invoices.”

“Programmable money regulated by governments will become the foundation for e-commerce payments because they enable so called ‘smart contracts.’ Smart contracts have many use cases. For example they can be used to generate ‘Smart Invoices’, which are invoices that basically settle themselves,” “We see smart invoices not just as useful for lowering administrative hurdles in business-to-business (B2B) cross-border transactions, but for building new financing models that makes it easier for enterprises to improve access to credit and improve cash flow. That is why we have built the world’s first smart invoice and now settled it with licensed digital cash together with Monerium. This is an important step forward.”

Sylvest added that the main focus is on digitizing the financial supply chain and making it programmable. If that’s achieved, then they can breakdown global barriers for small companies and open financial access to all the 190 countries where Tradeshift is operational.