IKEA in ‘World First’ Transaction Using Smart Contracts and Accredited E-Dollars

IKEA Iceland has taken part in a commercial transaction on ethereum, using wise contracts and accredited e-dollars to facilitate the settlement of an order from local retailer Nordic Shop.

The transaction was carried out on a platform presented by offer chain administration agency Tradeshift and utilised “programmable electronic cash” from ConsenSys-backed Monerium, according to an announcement from Tradeshift on Tuesday. Precisely, Nordic Shop acquired goods from IKEA and settled an e-invoice using Monerium’s tokenised Icelandic krona.

Monerium and Tradeshift suggested the “world’s first” transaction displays that “government-regulated, programmable e-dollars is prepared for mainstream markets.”

As described in June, Reykjavik-primarily based Monerium was accredited by the Economical Supervisory Authority of Iceland (FME) as its 1st Digital Dollars Establishment, generating the startup the 1st to have regulatory acceptance to deliver fiat payment expert services more than blockchain techniques throughout the European Financial Area.

The Digital Dollars Establishment rules were being established up originally for prepaid debit playing cards by the European Union soon after the 2008 monetary crisis.

“With a ‘smart invoice’ we can issue tokens that symbolize the long term income flow down to each dollar on the invoice. Whoever holds tokens will get paid out on thanks date, which can make wise invoices best to use for monetary-expert services apps,” reported Gert Sylvest, co-founder of Tradeshift.

Tradeshift – which also established the “smart invoice” for the transaction – was notably backed by Goldman Sachs in a $250 million Series E funding spherical very last May perhaps. The spherical valued the agency at at $1.1 billion and marked a further go into the blockchain business by the agency.

Stefan Arnason, CFO of IKEA Iceland, reported:

“A programmable monetary offer chain, exactly where investing companions can connect facts flows to dollars flows by wise contracts, will rework how suppliers and customers interact.”

IKEA graphic by way of Shutterstock