VEB signed the first smart contract on the Ethereum platform

The fund "WEB Innovations" announced on April 26, 2018 the conclusion the first smart contract on electronic platform B2B-Center. Actions of the customer and potential suppliers were fixed on blockchain- the platform Ethereum.

VEB signed the first smart contract and makes use of this experience for implementation of a blockchain in state procurements. Photo: ITAR-TASS

We successfully carried out pilot purchases based on blockchain technology — Gleb Jun, the senior vice president of Vnesheconombank told. — On the next stage we are going to create own system of cryptocalculations. Our experience will become the next milestone in evolution of the public and corporate procurements in Russia.

According to Gleb Jun, smart contracts will help to remove the most burning issues of the industry — to simplify participation in procurement, to lower transaction costs — and will allow to control workmanship of contracts.

According to representatives of B2B-Center, use of the Ethereum platform allows to pass to calculations in tokens via e-wallets. In turn, it will provide transparency of expenditure of means: each token will "be colored", and in other words tied to performance of the specific contract.

During real purchase we showed the near future of corporate electronic trading. The ecosystem on the basis of a blockchain and electronic platform will eliminate financial intermediaries. In corporate purchases for this model there are less restrictions therefore it will be interesting, first of all, to big customers, such as Vnesheconombank. Smart contracts will cut down expenses of corporations on vendor interaction and will increase efficiency of expenditure of budgets — Andrey Boyko, the commercial director of B2B-Center is convinced.