Sberbank connected to the Waves Enterprise blockchain


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Sberbank tested interaction of its business platform based on Hyperledger Fabric and the Waves Enterprise platform.

The integration mechanism put on the Sber platform allows participants of external blockchain networks to access digital assets. It also allows the use of smart contracts and applications available in external networks to settle with these assets.

In addition, several pilot transactions are carried out using smart contracts transferred from the Sberbank platform to the Waves Enterprise network. The latter performs several transactions between different owners, then the tokens are returned to the Sberbank platform.

Next year, there are plans to implement interoperability mechanisms for the direct interaction of two blockchain networks. Sberbank considers the Gravity protocol and the Hyperledger Cactus framework as possible solutions.

He also expressed the hope that after the “digital financial assets” law comes into force in January 2021. Companies will be able to make mutual settlements using smart contracts.

Recall that in November, Sberbank announces its intention to launch a blockchain platform through which users will be able to purchase digital financial assets.

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Russia: Banking Giant Sberbank Taps Blockchain to Tokenize Travel Agent Payments

Reading Time: 2minutesbyAisshwarya TiwarionAugust 28, 2020&nbspBlockchain

Russia is looking to automate travel agency payments using blockchain technology.

Using Smart Contracts to Automate Payments

According to a report by local outlet Air Transport Review, Russia’s S7 Airlines has inked a partnership with the country’s largest bank, Sberbank, to fully automate travel agency payments through distributed ledger technology (DLT).

The integration will enable travel agents with an account with Sberbank to tokenize their money and transfer to S7 airlines. This way, the travel agent won’t be required to provide bank guarantees or pay in advance, the report reads.

Although the integration essentially involves the tokenization of money held in Sberbank accounts, it is not, in our knowledge, being called Sbercoin or anything similar which rules out the possibility of the tokens being in the same category as the famed JPMCoin, and others.

Commenting on the development, Anatoly Popov, Deputy Chairman, Sberbank, noted:

“The use of a virtual unit of account allowed Sberbank to solve a number of technical problems and create a universal tokenization platform, in which the process of issuing tokens is just one of many possibilities. At the same time, the process of ‘conversion’ is rather technical in nature, can occur seamlessly and imperceptibly for the user.”

Notably, both the S7 Airline platform and the Sberbank tokenization solution are developed on top of Hyperledger Fabric.

What is Hyperledger?

For the uninitiated, Hyperledger is an umbrella project of open-source blockchains and related tools started in December 2015 by Linux Foundation and comprises the likes of IBM, Intel, and SAP among its contributors.

To date, a wide range of blockchain projects has partnered and built on Hyperledger to tap the latter’s innovative and cutting-edge open-source distributed ledger solutions.

For instance, last year major South Korean telecom giant SK Telecom launched an enterprise blockchain platform called STONledger on Hyperledger Fabric.

Similarly, in November last year, the IOTA team announced it had integrated Tangle into the Hyperledger Fabric blockchain network to support more permissionless features, including fee-less payments.

On a recent note, smart-contract platform Cardano (ADA) parent firm IOHK allied with Hyperledger to contribute to its growing suite of blockchain projects while providing visibility and sharing components of IOHK’s interoperable framework.

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Sberbank to launch blockchain platform made on Hyperledger Fabric

Russia-based Sberbank has made plans to launch a blockchain platform designed for trade finance, built on Hyperledger Fabric.

Furthermore, the bank has been reported to be planning to launch its own stablecoin. However, there has been no concrete plan yet for thus said stablecoin, as the bank is currently waiting for a new digital assets law to become official in January 2021. Meanwhile, Sberbank has released financial highlights for the first seven months of 2020.

In July 2020 alone, the bank achieved the following:
  • The Bank earned RUB 65.6 billion in net profit, ROE came in at 15.9% for the month;
  • Combined loan portfolio was up by 0.9% in July, excluding the effect of FX revaluation, with retail portfolio expanding by 1.8%;
  • Retail client accounts increased by 1.3% and were up 0.4% excluding the effect of FX revaluation;
  • Operating income before provisions grew by 36% year-on-year, mainly due to net interest income and net trading income.

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Russian Consumer Bank Sberbank Reportedly Launching Blockchain Platform Built on …

Russian banking group Sberbank is reportedly set to launch a blockchain platform built on Hyperledger Fabric. According to Coindesk, the blockchain system is designed for trade finance, which will include exchanging letters of credit.

The media outlet also revealed that Sberbank Deputy Chair, Anatoly Popov, shared with the Russian newspaper Vedomosti that the bank is planning to launch its own stable coin. However, there has been no concrete plan yet for thus said stablecoin, as the bank is currently waiting for a new digital assets law to become official in January 2021.

Meanwhile, Sberbank has released financial highlights for the first seven months of 2020. In July 2020 alone, the bank achieved the following:

  • The Bank earned RUB65.6 bn in net profit, ROE came in at 15.9% for the month;
  • Combined loan portfolio was up by 0.9% in July, excluding the effect of FX revaluation, with retail portfolio expanding by 1.8%, which was the most noticeable monthly increase from the beginning of last year, driven both by mortgages (+2.1%) and consumer lending (+1.8%).
  • Retail client accounts increased by 1.3% and were up 0.4% excluding the effect of FX revaluation;
  • Operating income before provisions grew by 36% yoy, mainly due to net interest income and net trading income.

Alexandra Buriko, CFO of Sberbank, added:

“In July, Sberbank had a solid increase in corporate and retail lending as demand for loans recovered, among other factors, on the back of lower interest rates and considerable support measures to both community and business. The volume of restructured loans marginally increased as the majority of applications were processed in previous months. At the same time, we are cautious about the quality of the loan portfolio going forward. Current revenue trends benefit the profitability of the Bank, which along with cost optimization efforts support growth in returns on capital – ROE for the month came in as high as 16%.”

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Russia’s State Bank, Sberbank Launches Blockchain on Hyperledger

Russia’s biggest financial foundation Sberbank is pondering out alternatives to dispatch its own stablecoin, an advanced money sponsored by true resources. According to reports, the new steady coin will chip away at Sberbank’s own blockchain stage based on the Hyperledger Network. According to the bank agents, the Sberbank blockchain will encourage exchange money exchanges. Moreover, its significant spotlight will be on exchanges including the trading letters of credit.

Sergey Popov, head of state-claimed Sberbank’s exchange business, said that the new stablecoin will be pegged 1-1 to the Russian ruble. At first, the Sberbank likewise plans to restrict the stablecoin utilize just to purchase advanced resources according to local new report from Vedomosti.

Only possibly 14 days back, Russia revealed its advanced resources law named “On Digital Financial Assets” (DFA) which will come into power by January 2021. Henceforth, until further notice, Sberbank is simply working out choices with the stablecoin. Once the crypto law comes energetically, Sberbank will hold hands with its accomplices and continue ahead with the venture.

On July 31, Russian President Vladimir Putin himself marked on two DFA bills to bring them into law. Notwithstanding, this bill disallows Russians from leading exchanges in Bitcoin and other advanced monetary forms.

Talking on this issue, Popov stated:

We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.”

Russia’s sberbank

Popov included that the stablecoin, which is at present getting looked, voluntarily encourage settlements including advanced and virtual money related resources.

Stablecoin from Sberbank Will Ensure Faster Payments and Settlements

Sberbank is hoping to dispatch its Hyperledger-based blockchain stage by Q3 2020. A stablecoin will be an intelligent segment of this blockchain stage encouraging quicker installments and settlements.

Despite the fact that the blockchain framework will utilize Hyperledger’s Fabric blockchain structure, the hub facilitating will occur in Sberbank’s own distributed computing administration SberCloud. Sberbank said that the framework will stay open for any organization to join and host a hub. Addressing CoinDesk, Sberbank’s representative seat Anatoly Popov stated:

Any company will be able to use smart contracts created by Sberbank right away or create their own. Payments via smart contracts go through automatically and the vendors receive funds in a matter of seconds.”

In addition, exchange money will be only one such potential use case for the stage. Sberbank likewise plans to include a portion of its current support of its blockchain arrange.

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Upcoming Sberbank stablecoin to launch Russia onto the crypto scene

A Sberbank stablecoin is currently under development and will use the Hyperledger Fabric infrastructure. The biggest Russian bank will build its stablecoin in a bid to represent Russia’s digital asset prowess. The stablecoin’s native blockchain would help streamline financial transactions, especially those pertaining to trading letters of credit.

Sberbank is the biggest banking organization in the country, having pan-Russia operations. Thus, a Sberbank stablecoin will have enormous repercussions for the nation’s crypto industry. The under-development stablecoin will be pegged to real-world assets.

Sberbank stablecoin aims to enhance transactional efficiency

Reports suggest that Sberbank’s native blockchain would provide the foundation for the stablecoin. In his statement, bank representative Sergey Popov said that the soon to be launched stablecoin would be linked to the Russian Ruble in 1:1. Local news outlet Vedomosti says that the Sberbank stablecoin would initially be restricted to purchasing virtual assets only.

The country recently unveiled ‘On Digital Financial Assets,’ a comprehensive law on digital assets that will become into effect from January 2021. Russian President Vladimir Putin put his signatures on the law that includes prohibitions on Bitcoin and other digital currency transactions. Thus, the bank aims to work on the stablecoin until the law takes effect and will then go ahead with partnerships to expand the project further.

Project will be built as per the latest Russian crypto laws

Popov further clarified that the project would be built under the latest law. By pegging it to the Ruble, Sberbank stablecoin will create a financial token that helps improve digital asset settlements nationally.

The project also aims to facilitate quick payment and settlements across a wide range of financial channels. The organization is further planning to introduce the native blockchain later this year. The Sberbank stablecoin will be an excellent addition to this native blockchain enabling faster payments.

Even though Hyperledger Fabric will be employed to build the home-grown blockchain, the Sberbank’s indigenous cloud would power the node hosting.

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Russia’s Largest Bank Sberbank Looks to Launch Stablecoin under New Crypto Law

The state-owned Sberbank’s stablecoin will be functional on its native blockchain built using the Hyperledger Fabric infrastructure. This blockchain will facilitate trade finance transactions involving the exchanging letters of credit.

Russia’s largest banking institution Sberbank is mulling out options to launch its own stablecoin, a digital currency backed by real-world assets. As per reports, the new stable coin will work on Sberbank’s own blockchain platform built on the Hyperledger Network. As per the bank representatives, the Sberbank blockchain will facilitate trade finance transactions. Furthermore, its major focus will be on transactions involving the exchanging letters of credit.

Sergey Popov, director of state-owned Sberbank’s transaction business, said that the new stablecoin will be pegged 1-1 to the Russian ruble. Initially, the Sberbank also plans to limit the stablecoin use only to buy digital assets as per local new publication Vedomosti.

Just a week or two back, Russia rolled out its digital assets law dubbed “On Digital Financial Assets” (DFA) which will come into force by January 2021. Hence, for the time being, Sberbank is just working out options with the stablecoin. Once the crypto law comes into action, Sberbank will join hands with its partners and proceed ahead with the project.

On July 31, Russian President Vladimir Putin himself signed on two DFA bills to bring them into law. However, this bill prohibits Russians from conducting transactions in Bitcoin and other digital currencies.

Speaking on this matter, Popov said:

“We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.”

Popov added that the stablecoin, which is currently under consideration, will facilitate settlements involving digital and virtual financial assets.

Stablecoin from Sberbank Will Ensure Faster Payments and Settlements

Sberbank is looking to launch its Hyperledger-based blockchain platform by Q3 2020. A stablecoin will be a logical component of this blockchain platform facilitating faster payments and settlements.

Although the blockchain system will use Hyperledger’s Fabric blockchain framework, the node hosting will happen in Sberbank’s own cloud computing service SberCloud. Sberbank said that the system will remain open for any company to join and host a node. Speaking to CoinDesk, Sberbank’s deputy chair Anatoly Popov said:

“Any company will be able to use smart contracts created by Sberbank right away or create their own. Payments via smart contracts go through automatically and the vendors receive funds in a matter of seconds.”

Moreover, trade finance will be just one such potential use case for the platform. Sberbank also plans to add some of its existing service to its blockchain network.

You can find more news from the blockchain industry following the link.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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How Russia’s largest bank used blockchain technology to buy debts

The blockchain scene in Russia is growing all the time, with bigger and bigger players making use of the technology. Sberbank, the largest Russian bank, has successfully used blockchain technology to close a $15 million transaction with Trafigura, the third-largest physical commodities trading group worldwide.

Sberbank bought accounts receivable in a pilot transaction supported by the Hyperledger Fabric platform. The bank’s first deputy chairman Alexander Vedyakhin revealed the news during the Eastern Economic Forum in Vladivostok, Russia. The technical details were made public soon after the announcement.

Russian blockchain initiatives appear to be thriving thanks to an increased interest in the technology by most of the country’s large organisations as well as government agencies. However, the Russian government continues to remain somewhat guarded when it comes to cryptocurrencies.

$15 million worth of accounts receivable

The details of the pilot transaction weren’t kept under wraps for too long. The Singapore-based giant Trafigura sold $15 million worth of accounts payable to Sberbank. The debt belongs to one of Trafigura’s clients from Turkey.

The transaction was concluded through the blockchain-based platform Hyperledger Fabric. Sberbank took advantage of Fabric’s ability to segment data and maintain the confidentiality of certain parts of the network.

On the surface, the transaction may seem like just another typical financial agreement. But this is a significant milestone for the blockchain industry. It shows how smart contracts and blockchain technology can speed up international transfers. It also provides proof that businesses can benefit from blockchain in real-life scenarios.

This particular Russian blockchain project developed by Sberbank is a system that uses the Aurelia framework and the Scala language to write smart contracts. The bank also piloted a system that enables the validation of new blocks of complete transactions in one second.

Sberbank also owns a cloud-based solution that complements the system, called SberCloud.

‘From one day to one hour’

The transaction between Sberbank and Trafigura was completed through a smart contract hard-coded onto the blockchain. This type of transaction shows how efficient blockchain technology can be for international trading.

Vedyakhin stated that the new initiative by Sberbank had increased the efficiency of document flows and completed the transaction in one hour instead of one day.

According to the chairman, the pilot transaction between Sberbank and Trafigura could even redefine global trade. He stated:

“Our blockchain pilot project records every step of the transaction: request for the 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.”

A Trafigura spokesperson confirmed that the transaction was completed without any friction. The two companies are now planning to collaborate and use blockchain technology for other use cases.

The Russian blockchain ecosystem

Russia’s largest bank placed a bet on blockchain, and the investment seems to be paying off. The Russia blockchain ecosystem proves that this technology is no longer something of the future, but a viable solution to today’s challenges.

Using smart contracts to buy debts isn’t the first time Sberbank’s team of developers has used the blockchain for global trading either. Last year, Hyperledger Fabric was used to complete an off-exchange repurchase agreement deal between Sberbank and Interros, a Russian investment company.

Russia’s largest bank has quite a history with blockchain technology, in fact. Last year, Sberbank claimed to be the first to complete a three-way repo deal using smart contracts and blockchain.

Besides speeding up transaction times, blockchain technology also reduces working hours for each transaction as well as the risks that come with international transfers. With all these advantages, Russia’s largest bank has decided to expand to other partners willing to use blockchain for transactions.

Russia is getting more interested in blockchain technology

Despite its unclear stance on cryptocurrencies, Russia isn’t missing a chance to dive into blockchain applications. From large businesses to government agencies, there are many stakeholders interested in blockchain technology and its disruptive features.

The Russian central bank, for instance, backs the Fintech Association, an organisation of which Sberbank is a member. The consortium functions on an Ethereum-based network and aims to study and implement distributed ledger technology to come up with practical solutions within the industry.

Sberbank was also part of the Russian project Masterchain, although it dropped out after the project failed to meet expectations. Sberbank’s lab has focused on its own projects instead, with significantly better results.

The post How Russia’s largest bank used blockchain technology to buy debts appeared first on Coin Rivet.

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Russia’s Largest Bank Completes $15 Million Debt Purchase Via Hyperledger Blockchain

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

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Russia’s Largest Bank Sberbank Purchases $15 Million in Debt via HyperLedger Blockchain

Russia’s largest financial institution Sberbank has reportedly purchased around $15 million worth of accounts receivable from Trafigura, a Singaporean commodity trading firm that leverages blockchain technology.

The pilot transaction was conducted on the Hyperledger Fabric platform, according to a representative from Sberbank. The blockchain-based purchase used Fabric’s private collections feature, which allows data to be kept confidential among selected network participants.

The DLT-powered system piloted by the Russian bank uses smart contracts that have been programmed using the Scala language. The system’s software also uses the Aurelia framework and the bank’s proprietary cloud solution, SberCloud. A block of complete transactions is formed in only one second, according to Sberbank’s management.

The deal was finalized last week at the Eastern Economic Forum, held in Vladivostok, Russia, by the institution’s first deputy chairman Alexander Vedyakhin.

Technical details and the value of the deal have not been disclosed.

A client in Turkey owed Trafigura the receivables acquired by Sberbank.

Vedyakhin noted that the technology-assisted in improving the efficiency of the document flow, which helped reduce the time required to complete the transaction “from one day to one hour.”

Explaining how the pilot transaction was performed, Vedyakhin noted:

“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.”

The pilot demonstrated that blockchain technology has improved significantly, and is now providing real value to businesses, Sberbank’s representatives said.

The bank’s spokesperson also pointed out:

“What we see in 2019, and in this pilot in particular, is an ongoing evolution of this tech, from a promising but not yet developed technology into a more advanced and mature solution ready to live up to its initial disruptive image.”

Sberbank and Trafigura are now planning to explore the use of blockchain in enhancing global trade finance processes, the spokesperson revealed.

Previously, Sberbank’s blockchain lab used Hyperledger Fabric while looking into the different types of distributed ledgers. In November 2018, the banking giant conducted an off-exchange repurchase agreement deal with Russian investment firm Interros’ branch in Cyprus.

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