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Companies From Russia And Belarus Conduct Blockchain Transaction

18:56 14/11/2018

Raiffeisen Bank and Gazprom Neft have implemented a project to issue an international bank guarantee on blockchain, Kommersant reports.

The project also involved oil refinery in Mozyr and Priorbank from Belarus. The R-chain platform has significantly reduced the terms of issuance and termination of a banking document, increased the transparency of operations, and reduced commission costs.

The operation on the R-chain platform, developed by Raiffeisen Bank specialists in 2017, was conducted by four nodes. All participants were fully connected to blockchain, and this has helped to achieve maximum transparency, Tatyana Ivashkova, the head of operations with documents and trade finance at Raiffeisen bank, stated. Gazprom Neft and Raiffeisen Bank ensured the delivery to the Mozyr plant, and Priorbank provided the guarantee.

Currently, there is a practice of providing bank guarantees in the form of paper documents or via electronic messages in the SWIFT system, which can only be used by banking institutions. Such transactions are time-consuming and may cause the distrust of participants. Blockchain allows all parties to monitor the coordination of documents simultaneously, and the transaction becomes transparent.

Raiffeisen Bank plans to use blockchain technology in the implementation of banking solutions among its affiliated companies. Besides, the bank continues to participate actively in the project of the Masterchain digital interbank platform.

As previously reported, the pension accumulation system may be transferred to blockchain in Russia.

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