Sberbank, the largest state bank in Russia, works with a large national airline to introduce a ticket sales system based on blockchain technology.
It is reported that the main Russian bank is working with it S7 Airlines in a new one Ticket sales platform This enables corporate customers to have immediate processing through intelligent contracts and tokens.
In a report in the local newspaper on August 26th Kommersant, indicates that The new system is scheduled to go into operation in September 2020. She means business In Russia, virtual tokens are used for the first time for payment and billing.
As reported The new system is currently only aimed at corporate customers. The blockchain system is set to reduce processing time from up to 10 days to just 20 seconds, said representatives from Sberbank and S7.
According to Kommersant The new ticket sales system uses a proprietary blockchain platform that companies can use to develop their own blockchain applicationsas well as the creation of smart contracts. Such as, S7 Airlines has already put its blockchain ticketing app on the Sberbank platform.
It is not entirely clear how the tokenization system will be implemented in this new initiative. Sberbank is said to be the owner of the tokenization platform, which uses smart contracts to “tokenize” money from a corporate customer account.. According to an executive from S7 Airlines, the tokens are linked to “real customer accounts”.
Sberbank did not immediately respond to Cointelegraph’s request for comment. This article will be updated until new information is available.
Both Sberbank and S7 Airlines have been delving into the development of blockchain technology for the past few years. The leading Russian airline and member of the global aviation alliance Oneworld, S7 Airlines would have carried out the world’s first blockchain-based ticket purchase in cooperation with Russia’s largest private bank, Alfa-Bank. By July 2019, the company had processed more than $ 1 million in payments through the platform.
beginning of August Sberbank is reportedly considering introducing its own stable coin pegged to the Russian ruble.