Russian companies make their studies of blockchain advantages more profound.
Sberbank, the largest state-owned bank in Russia, has launched the cooperation with principal interior air company in the sphere of ticket sales via blockchain based system
Russia’s largest bank has confirmed the fact of cooperation with S7 Airlines in frames of new ticket sale platform providing corporate customers with the possibility of instant account settlement via smart contracts and tokens during tickets purchase.
Based on the information from Kommersant, the new system is planned to be launched in September 2020. This would be the first case when virtual tokens are used for payment in Russia.
At this development stage new system will deal with corporate clients only. Based on the information from Sberbank and S7 new system will decrease payments processing time.
The new ticket sales system employs a proprietary blockchain platform permitting air companies both to develop own blockchain applications and create smart contracts.
It is not yet known how exactly tokenization will be lauinched in frames of this new initiative. The tokenization platform from Sberbank will “tokenize money” from a corporate client’s account using smart contracts. The tokens will be linked to “real accounts of clients”
Both Sberbank and S7 Airlines have been dealing with blockchain development in recent years. Russia’s major airline company and a member of the global aviation alliance Oneworld, S7 Airlines launched world’s first blockchain-powered ticket purchase in cooperation with Russia’s largest private bank, Alfa-Bank in 2017. By July 2019, the firm had processed over one million USD in payments for tickets