Sberbank, MTS, depositary close deal on 750 mln rbl blockchain bonds

MOSCOW, Nov 23 (PRIME) -- Russia’s Sberbank has organized redemption of 750 million rubles worth of commercial bonds under blockchain-based smart contracts of mobile operator MTS, the country’s biggest bank said on Friday in a statement.

“Blockchain can change the world as much as it did the Internet. This technology is very important for the banking sector, because it cuts costs, boosts speed and improves transaction security, ensures an unprecedented trust and transparency of any operation,” the bank’s Vice President Andrei Shemetov said.

“I’m sure that our joint blockchain project with the National Settlement Depository and MTS is only the beginning and within five to ten years, products and services with blockchain, including smart contracts on its basis, will be an ordinary thing.”

The process from the placement of bonds to their redemption was done via smart contracts.

The National Settlement Depository provided its blockchain platform Hyperledger Fabric 1.1 for the deal.

(65.6067 rubles – U.S. $1)

End