Tradeshift, Monerium settle first invoice using smart contracts
Tradeshift, a supply chain payments firm and Monerium, a provider of licensed e-money for blockchains, announced that they have settled the world's first invoice with smart contracts and e-money.
The transaction involved a purchase from Nordic Store, an Iceland-based retailer, which made a purchase from Ikea Iceland and settled an e-voice through Monerium's programmable digital cash.
"Programmable money regulated by governments will become the foundation for e-commerce payments because they enable so-called smart contracts," Gert Sylvest, co-founder of Tradeshift and general manager of Tradeshift Frontiers, said in a company release.
He said that smart contracts can be used to generate smart invoices. He said smart invoices can not only be used to lower administrative hurdles in B2B cross-border deals, but in building new financing models that make it easier for businesses to improve cash flow and improve credit access.
Monerium officials plan to export the e-money service to Europe.
Cover image courtesy of Monerium.