S7 Airlines and Alfa Bank Test Blockchain for B2B Payment in Russia
Blockchain, a technology behind the widely known digital currency Bitcoin, is more actively integrating decentralized data storage and secure communication between business partners. Impossibility to steal, change or delete registered data makes platforms built using this magic technology the most secure business solution. Driving business with smart contracts. Earlier this year, the Bank of Russia has introduced Masterchain, an Ethereum-based Blockchain prototype created specifically to serve the interests of financial market actors. Alfa Bank, along with Sberbank, Qiwi, Banks Tinkoff and....
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PJSC Siberia Airlines, commonly known under its operative name of S7 airlines has executed the first of its kind service payment using Ethereum blockchain smart-contracts through a letter of credit, with Russia-based Alfa-Bank. The announcement reveals that the agreement took place between the airlines and a counterpart using a letter of credit, through Alfa-Bank. A letter of credit is issued as a bank guarantee that payments will be made to a seller from the buyer. The bank issuing the letter of credit is obligated to cover the amount in the event that a buyer is unable to make the....
The Bank of Russia has developed and tested on an Ethereum-based blockchain prototype called ‘Masterchain’ for financial messaging, to be used by banks in Russia. The Bank of Russia, the country’s central bank, has developed a technical prototype called ‘Masterchain’. The prototype is based on distributed ledger or blockchain technology for the Russian financial market, an announcement by the bank revealed yesterday. The blockchain platform prototype was developed for financial messaging between banks in the Russian financial system and was put to the test. The announcement added: The....
Tutors, taxi drivers and repairmen will be able to take advantage of Alfa-Bank's blockchain-based services. Alfa-Bank, one of the largest private commercial banks in Russia, is exploring blockchain technology in its services for freelancers. According to a Dec. 1 announcement, Alfa-Bank will use blockchain-based applications to automate services for freelancers and self-employed workers. Based on Waves Enterprise’s blockchain platform, Alfa-Bank’s new service covers the entire process of registration and remuneration for self-employed individuals, including payments settlement, income....
Russia’s central bank is continuing to grow its blockchain footprint, having announced the creation of a new FinTech association focused in part on studying the technology. Officially formed on 28th December, the group includes representatives from major Russian banks including Alfa Bank, Sberbank and VTB, among others. Payments processor Qiwi and the National System of Payment Cards (NSPK), which operates Russia's nationwide Mir charge card, are also on board. Qiwi CEO Sergey Solonin will be the association's new chief going forwards, the firm said earlier this week. Among financial....
Russia's FinTech Association, established in part to encourage wider exploration of distributed ledger tech, has appointed Qiwi chief Sergey Solonin as its new CEO. Solonin will now lead the consortium effort, a role that will find him coordinating R&D efforts with the Bank of Russia, Sberbank, VTB Bank, Alfa Bank, Gazprombank, Bank Otkritie and the National System of Payment Cards (NSPK). According to a release from the group, the consortium members will explore applications including digital identity, distributed ledgers and open APIs. Solonin said in the statement: "The concept....