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Ithium100 by GodEnigma, selected in the financial sandbox to be supervised by the Bank of Spain

Friday May 14th 2021|

Ithium100, Godenigma's supply chain financing (SCF) application has been selected to participate in the first financial sandbox organized by the General Secretariat of the Treasury.

Of the 67 proposals submitted, we are proud that our solution, Ithium 100, is among the 18 projects selected for the first phase of sandbox evaluation that will be supervised by the Bank of Spain.

Ithium100 offers a solution for order financing in supply chains.

Ithium100 is a solution that guarantees the traceability of transactions and suppliers using blockchain technology. All the movements and states that occur throughout the supply chain are encrypted and secured. The application certifies from logistics to budgets and orders that are crossed between customers and suppliers.
Ithium100 offers the possibility that banks and financial entities can make financing offers on request, minimizing risks and incorporating other functionalities such as the possibility of evaluating sustainability ratings. Giving providers of any size access to digital financing.

Order financing is not something new, but it has always generated uncertainty due to the impossibility of knowing and controlling its situation and that is why more use has been made of invoice financing (confirming or factoring). Now, thanks to the immutability of the operations that are saved in blockchain, since financial entities have access to the details of customers and suppliers, as well as the orders they want to finance, operational and financial risk is reduced, allowing the generation of a business where there was none.
About Godenigma

GodEnigma is a Galician Fintech that was born to revolutionize financing in the SCF and transactions in energy systems, using blockchain technologies, machine learning or advanced data analytics.

Link to the pdf published by the public treasury:

Labels: bankOfSpain , BLOCKCHAIN , finance , sandbox