Using the Hyperledger Blockckhain, Russia’s Sberbank has successfully bought around $15 million worth of accounts as receivable from Singaporean commodity trading firm, Trafigura. According to a spokesperson for the largest bank in Russia, the purchase was completed using Hyperledger Fabric’s private collections feature, which allows some certain information remain private even with a network which has other members.
Furthermore, the Sberbank-driven framework through which the transaction was carried was done using smart contracts already programmed with the Scala general purpose language. The software is also powered by the Aurelia framework as well as SberCloud’s cloud service developed and deployed by Sberbank itself. The company boasts that it only takes one second to complete a full block of transactions on its platform.
The conclusion of the transaction was done a few days ago at the Eastern Economic Forum in Russia’s Vladivostok Pacific port city. Speaking on the transaction, Sberbank’s first deputy chairman, Alexander Vedyakhin, said that the system significantly reduced the amount of required time to complete the transaction by making the exchange of documents a lot more seamless. Vedyakhin said:
“Our blockchain pilot project records every step of the transaction: request for purchase of receivables, application processing and its approval with the bank, issuing the bank’s offer, confirmation of terms by Trafigura, and settlement of the transaction.”
Because of the success of this transaction, both Trafigura and Sberbank are currently making plans to find more ways through which blockchain technology can significantly improve financial transactions and processes worldwide.
Image Credits: Pixabay