First Blockchain Payment Transaction In Sberbank, Russia

Sberbank has organized with the association of IBM, first blockchain payment transaction in Russian banking industry.

The IBM’s Blockchain Platform was used for transaction on the basis of HyperLedger Fabric. The partners and participants of Sberbank were Megafon, MegaLabs, Alfa-Bank, and IBM.

With using blockchain technology Sberbank organized the process of transferring money from the payer to the receiver. The Bank used IT infrastructure to set up a service for establishing the transaction process, the certification centre of the network, and a web app for the client with a personal account section.

Stella Kudachkina, CIB Managing Director at Sberbank, said:

 “The blockchain solution created by Sberbank has allowed us to make the first pilot payment transaction – using IBM Blockchain technology – in the history of the Russian banking industry.”

As she said, the advantage of the technology is the high speed at which transfers will be made: the transaction is recorded on the receiver’s account after the money is sent. It works instantly, and that is the difference from traditional system, that is used to make transfers.