Sberbank has made the first payment in the history of Russian banking with the help of IBM Blockchain

Nov 29 2017
Sberbank has conducted the first payment transaction in Russia on blocking technology. For this, the IBM Blockchain platform based on HyperLedger Fabric was used. This Wednesday, November 29, according to a press release issued by a credit institution.
According to Stella Kudachkina, managing director of Sberbank CIB, the value of using this technology lies in the high speed of transfers. "Reflection of the operation on the beneficiary's account after it is sent is practically in real time, unlike the traditional system of transfers," she noted.
On the IT infrastructure of the Savings Bank, there is a service for determining a single transaction order, certifying the network center and a client web application with the function of a personal cabinet. Also on the side of Sberbank and Alfa-Bank were the necessary nodes of the network of block-houses. "The created technological process is the base scenario, on the basis of which a new calculation functional should be developed," believe in Sberbank.
Partners and participants in the pilot transaction were MegaFon, MegaLabs, Alfa Bank, and IBM.
The head of the Savings Bank, German Gref, has repeatedly stated that the organization relies on the use of blocking technology. In his view, within the next 10 years the global economy will change greatly due to its implementation.
Blockchain is a system for organizing databases. It is used as a repository of information on operations with crypto-currencies (bitcoin, etherium) and can also be introduced into banking: cryptotechnology allows to reduce the time for large transactions.