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S7 Airlines and Alpha Bank conduct first Blockchain payment in Russia

The press service of Alfa-Bank reports that S7 Airlineshas become the first partner of the bank for introduction of the blockchain technology.

Two smart contracts were used during the transaction, one of which served for opening a letter of credit and the second one was used to cancel it. The interaction of these smart contracts has reduced a probability of occurrence of errors and ensures protection and transparency of the transaction.

“The blockchain allows us to solve two very important issues: a question of trust and a question of speed. Both of these aspects are extremely important for the sphere of trade financing, so we believe that the blockchain will substantially change our products in the future,” the Managing Director of Trade Finance of Alfa-Bank Dina Merkulova says.

Thanks to the blockchain, the Bank will create a platform that will allow transparent and secure transactions between clients.

“The technology provides protection against participants’ nonperformance. The blockchain is a perfect solution for business that carries out transactions with a large number of participants and transactions, which have new participants who do not trust each other. In the future, the more market participants (banks, large contractors, individuals) will make transactions through the platform of guaranteed transactions on the blockchain, the more transparent, faster and cheaper will be its financial cooperation,” the Director of the Innovation Center of Electronic Business of Alfa Bank NadezhdaAvdanina says.

S7 Airlines is the most technologically advanced Russian airline that uses the most modern technologies for business development and services for passengers, therefore this transaction allowed the company’s specialists to assess the effectiveness, efficiency of the smart contracts and to understand how technology can optimize work and document flow.

Source: hi-news

  • December 26, 2016 3:10 PM MSK