Russia’s largest bank piloted fund transfers on the IBM blockchain

nBankruptcy comment: Recently, the Sberbank completed the pilot operation of the first blockchain payment transaction in the Russian banking industry. The bank real-time funds transfer through IBM’s blockchain built on Hyperledger Fabric, a blockchain software. Along with the announcement, the bank also listed a number of participating partners involved in pilot payment transactions, suggesting that in the future the bank may test blockchain payments for retail banking customers.n
nTranslation: Clovern
Russian bank Sberbank piloted the first blockchain payment transaction in the Russian banking sector.n
Russia’s largest bank, the Russian Federal Savings Bank, real-time funds transfer through IBM’s blockchain built on Hyperledger Fabric, a blockchain software. The transaction involved the transfer of an unknown amount between the payer and the payee of two independent banks, which was done by the IT system of the Sberbank Bank and provided the bank’s customer tracking transfer Web application.n
As reported by the July CCN report, the Linux Foundation led Hyperledger Blockchain Alliance officially released the first production-ready blockchain software in Hyperledger Fabric 1.0.n
Stella Kudachkina, Executive Director of the Russian Federal Savings Bank, said:n
n”The blockchain solution created by the Federal Reserve Bank allowed us to make the first trial payment transaction using IBM blockchain technology in Russian banking history.”n
nThe Russian Federal Reserve Bank also listed a number of participating partners involved in pilot payment transactions, suggesting that blockchain payments to retail banking customers may occur in the future. These partners include MegaFon, Russia’s second-largest mobile phone operator; MegaLabs, a Moscow-based IT solutions provider; Alfa-Bank, a major private bank in Russia; and technology giant IBM.n
It is noteworthy that the ultimate goal of the Federal Reserve Bank of Russia and Alfa Bank as a blockchain node is to serve as “a key scenario for developing new settlement functions” between the two banks.n
Stella Kudachkina goes on to add:n
n”The advantage of using this technology in settlement is the higher rate at which the transfer can be completed: almost immediately after the funds have been issued, the transaction is immediately and immediately recorded in the payee’s account, in contrast to the traditional transfer system different.”n
nJust months before the Federal Reserve Bank of Russia released the news, the bank has just joined the coalition of businesses, startups and governments that are committed to supporting enterprise solutions with open source Ethereum blockchain technology – Enterprise Ethereum Alliance (EEA).n
Earlier this year, Herman Gref, chief executive of the bank, a true bitcoin advocate, said he sees a commercial application of blockchain technology in Russia by 2019.n

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