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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.