How to implement blockchain in Russia?
Friends! AraneoBit collected the information for you on how to apply blockchain in most non-standard projects. We are sure this information will inspire you on new cryptocurrency achievements and will prove that there are no borders anymore!
Factoring
Not long ago, in October 2017, several banks and companies, such as “M.Video”, “Alfa-Bank” and “Sberbank”, created a Council for blockchain use in factoring transactions. Factoring is a buyback of the outstanding balances to the seller from the buyer. This speeds up the turnover of supplies, increases revenue, establishes the successful functionality of large companies with several subcontractors and a vast customer base.
Currently factoring process is carried out on paper. The check up all the documents takes much time because the process is manual. The use of blockchain technology significantly reduced the risk of fraudulent actions and reduced the operational costs. All the information is safely protected thanks to modern technologies.
Document exchange
This innovation was implemented on governmental level on December 19, 2017. Federal Antimonopoly Service and Sberbank started a full-fledged document exchanged based on blockchain technology. The experts say that the documents will not be lost so often as before and their content will always be the same.
Both institutions indicate that blockchain helped them to skip intermediaries that are not able to guarantee full privacy of the information. Blockchain helps to speed up the document flow and make it really safe.
Banking sector
Vnesheconombank took a pioneer role in deploying blockchain in the banking sector. It struck a deal with Ethereum foundation to found a “Center of creating innovations”. The agreement was reached on August 29 2017 and was signed by Vitaly Buterin and Sergey Gorkov. The main goal of the Center is to provide specialist training for its own use.
VEB also announces the possible integration of the innovations in energy and oil industries. Such an integration must occur in the next three years.
Airline tickets sales
There are some original services that sell the airline tickets on blockchain. Such a service was created by S7 air company in collaboration with Alfa-Bank.
The customers can even not notice any changes, however there is a revolution inside the company. If before the period of exchanging the information between the service and the corporation was 2 weeks, now this process takes no more than 20 seconds. The new system allows to transfer the sales proceeds automatically to the company selling the air tickets. There is no more possibility of unmotivated increase of the commission. The service functions on Ethereum protocol. The information about the payment is sent to the smart contract first, then the bank sees the request and verifies the funds that are available in the account. The funds are charged almost instantly.
Corporate bonds
This is an innovation from Megafon. The mobile operator became the first company in the country that issues corporate bonds on blockchain. The bonds were issued for 500 million roubles. The buyer was Raiffeisen Bank.
The bank and the company were considering using modern technologies in accounting systems long time ago. This helped Megafon to use this opportunity and to be a pioneer. The bonds can be digital only, this simplifies the process of their tracking and circulation.
Briefly, there are original examples of using a cryptocurrency and modern technologies in various areas in Russia. We hope that our crypto world will get a proper level of legal regulation very soon. AraneoBit will certainly be the first company that will tell you about that.