Press-service of Alfa-Bank informs that the company S7 Airlines became the first partner of the bank in the implementation of blocking technologies. During the transaction, two smart contracts were used at once, one of which served to open a letter of credit, the second one was used to close it. The interaction of these smart contracts made it possible to reduce the probability of errors and ensure the protection and transparency of the transaction.
"Blokchein allows to solve two very important issues: the issue of trust and the issue of speed. Both these aspects are extremely important for the trade finance sector, therefore we believe that the blocking company will significantly change our products in the future, "says Dina Merkulova, managing director for trade finance at Alfa-Bank.
Thanks to the block, the bank will create a platform that will allow transparent and secure transactions between customers.
"Technology provides protection against non-fulfillment of conditions by participants in the process. Blocking is an ideal solution for businesses that make transactions with a large number of participants, as well as if there are new participants in the transaction who do not trust each other yet. In the future, the more market participants (banks, large counterparties, individuals) will perform transactions through the platform of guaranteed transactions for blocking, the more transparent, faster and cheaper will be financial interaction, "explained Nadezhda Avdanina, director of the Innovation Center for Electronic Business of Alfa-Bank.
S7 Airlines is considered the most technologically advanced Russian airline using the latest technology for business development and services for passengers, so conducting such a transaction allowed the company's specialists to evaluate the effectiveness, efficiency of smart contracts and understand how the technology allows to optimize work and document flow.
The article is based on materials .
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