Russian Banks Considering Blockchain Technology

Blockchain Technology under the eyes of Bankers is not a new thing now. Banks from almost every part of the world is looking onto it and studying Blockchain to make things better. We discussed in our earlier articles, how Indian banks are  working on blockchain to improve its’s Banking sector(click here to read the article), now it’s Russian banks to discuss about Blockchain on it’s annual Bitcoin & Blockchain Conferfence to be held on 19 April this year in Moscow.

While doing some research,it has been learned by KryptoMoney.com that Russian banks have already developed and tested some of the blockchain applications in it’s respective sectors and now is waiting for regulatory authorities  to give a green signal. At the conference, a session is dedicated to Application of Blockchain in Banking Sectors, and will be joined by some of the big banks representatives as Speakers. In the session, these Banking Heads will present their prototypes developed and will discuss it in detail. Perhaps, this is an opportunity for Russian banks to get blockchain approved as a core technology in it’s various operations.

While researching more,Kryptomoney.com was able to discover some of the prototypes that Russian banks have developed. These are as follows:

1.  SberBank along with M.Videocompany has developed a platform for registering product supply data with respect to factoring agrrements. This system will improve and speed up the process of dispatching of good and making/receiveing payments. Additionally, SberBank as also developed a prototype for currency exchange system based on Blockchain.
2. Alfa Bank, carried out first letter of credit transaction based on Blockchain. As we knew, that after currency/finance sector, blockchain is to be used in smart contracts. Alfa bank took the initiative and did the thing. The transaction was based on Ethereum smart contract.

It clearly looks that Russian Banks are sprinting towards Blockchain and will successfully implement it in near future. The Bitcoin&Blockchain annual conference this year  would be a determining factor for that fate of Blockchain in Russia.

(to know more about Blockchain, click here)

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