Ithium100 - First purchase order finance certified with blockchain

GodEnigma, as a technology and solutions provider for FinTech, has carried out the first financing of a real order in a technology products supply chain. Among the companies that make up the business and supply chain are EcoMT, Balmonel and Instra Ingenieros, and for the financial part we have the collaboration of a Spanish financial institution.

With this proyect, it is intended to improve the solution at the business and process level, validate the technology and the legal part so that an order approved and certified in a block chain has contract validity (smart contract), in order to facilitate an entity bank or financial, can offer financing on said order, without waiting for an invoice.

From GodEnigma, we believe that this new technological product opens the door to the creation of new SCF (Supply Chain Finnance) financial products and new business models based on the certification and traceability of orders, financing offers and products or services, which have good fit in supply chains and long-cycle business (orders with terms of completion of 3 to 6 months) and considerable amounts, which can generate critical operating needs for the supplier companies and for which there are currently no financing options specific ones that fit those needs.

During November 2019, operations with a raw value of 150.000€ have been conducted on the platform.