Russian Sberbank Embrace Blockchain Technology

Russia's biggest bank Sberbank, led the primary blockchain-based business commercial bond transaction in Russia, as indicated by a Sberbank declaration May-2018.

The exchange was finished in organization with MTS, a main Russian telecoms administrator, and the National Settlement Depository (NSD).

Sberbank CIB sorted out the issue of MTS corporate securities for the estimation of RUB 750 bln ($12 mln) with half year development, utilizing keen contracts.

"The NSD was one of the main associations in Russia to embrace blockchain. We began working on a prototype podium for carrying out bond transactions in Q1 2017. The arrangement with Sberbank and MTS was the first of its kind, and demonstrates that blockchain is a mass-utilize innovation that furnishes secrecy and speed when working with securities."

“Payment settlement model was reportedly implemented using Blockchain technology, which made the transfer of the bonds and money simultaneous”