Sberbank, the most significant active asset bank in Russia, has executed a real-time money transfer on an IBM-built blockchain, based on the Hyperledger Fabric blockchain software. The transaction associated the assignment of an unknown amount between a payer and a recipient in two separate banks, facilitated by Sberbank’s IT systems, supplemented with a web application for the client of the bank to track the transfer.
As CCN reported in July, the Linux-led open source Hyperledger Blockchain consortium officially launched its first blockchain software in Hyperledger Fabric 1.0.
The blockchain explication created by Sberbank has permitted us to make the first payment transaction, using IBM Blockchain, in the archives of the Russian banking industry, said Sberbank general manager Stella Kudachkina.
Sberbank has also placed some participating partners involved in the lead payment transaction, suggesting a future of blockchain payments for retail bank customers. These include MegaFon, Russia’s second-largest mobile operator. MegaLabs, a provider of information solutions, based on Moscow. Alfa-Bank, a major private bank in Russia and IBM giant technology.
In particular, Sberbank and Alfa-Bank entertained blockchain nodes, with the ultimate goal of serving as the primary scenario for developing a new settlement function, among the two banks. The Sberbank Executive replied that:
The advantage of using this technology to make settlements is the high speed at which transfers are performed after the money has been dispatched, the transaction is recorded in the recipient’s account almost instantaneously in real time, unlike the popular system used to execute transfers.
Sberbank’s announcement appears in a few months from the entry into the bank of the Enterprise Ethereum Alliance (EEA), a syndicate of companies, authorities, and startups that are trying to exploit open-source Ethereum technology for business solutions.
Earlier this year, bank chief executive Herman Gref claimed that Russia would see the commercial applications of blockchain technology by 2019.