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Last May we published that our Ithium100 app, which enables financing operations on request, had been one of the eighteen selected to be part of the first financial Sandbox in Spain.
During the months of June and July the GödEnigma team has worked to follow the indications of the project supervisor; in this case the Bank of Spain; in order to provide all the documentation required for our proposal to be analyzed and signed.
On August 4, the test protocol was finally signed, which includes the rules and conditions to which the pilot project will be subject and the tests to be carried out during the months of the pilot.
Nordés Ancín, Instra Ingenieros, EcoMT, and Abanca will be the four companies participating in this first pilot project, the objective of which is to demonstrate that, thanks to Ithium100, it is possible to use blockchain to trace orders and finance them without the need for invoices.
Throughout the pilot, Nordés, Instra, and EcoMT will be in charge of verifying the proper functioning of Ithium100, carrying out up to 200 certified purchase and sale operations with the app. In addition, if they consider it, they will be able to obtain financing on the purchase orders they receive, to anticipate the collection of said orders, through the financial entity Abanca.
From GödEnigma each operation will be supervised by carrying out logic, function, and operational tests that strengthen Ithium100.
Next, we leave you a preview of the points that have made it possible to reach this milestone:
Demonstrate the maturity of the app's technology. It is important that the project is not an idea or prototype, but that it has enough distance to be able to carry out a demonstrable pilot within the framework of the Sandbox. Ithium100, developed on the basis of blockchain technology (Hyperledger), has been in production for more than 12 months [BdE2]. In operation with different participants and proofs of concept and pilots.
Technical documentation. The level of documentation must be of quality including the description and diagrams of process, use cases, database, and entities.
Satisfy the requirements of SEBPLAC and AEPD. To minimize the risks derived from the money laundering regulations and the protection of the personal data of users (legal entities/companies).
Cover guarantees and risks with a civil liability insurance policy and with a risk analysis and mitigation plan.
In future news, we will expand more information about the pilot project, the tests, and the participants.
