The absolute the Bank issued the first digital bank guarantee

On January 18, 2019 Association of Financial those (AFT) reported that Absolute Bank carried out the commercial transaction on release of the digital bank guarantee based on blockchain- platforms MasterChain. The guarantee is issued ITAN Health care to " on supply of food to Federal State Budgetary Institution Mediko-sanitarnaya chast № 59 Federal Medical Biological Agency LLC. Absolyut Bank implements this project within Association of Financial That together with Bank of Russia and key players of financial market.

Information on the issued guarantees will be stored in the distributed register the MasterChain that will allow all participants of the transaction to perform operations completely in a digital format. Use of blockchain technology allows the beneficiary to obtain online information on release of the bank guarantee, excludes a possibility of falsification of the document, simplifies and accelerates interaction between participants of the market of state procurements. At the same time in technology requirements to confidentiality of information are considered.

Providing technological service on a design of bank online guarantees is one of priority projects of bank. This technology in our bank for January, 2019 is brought into commercial operation, and we plan that up to 20% of the online guarantees issued in 2019 will be digital. Tatyana Ushkova, chairman of the board Absolyut Banka

At the end of December, 2018 we presented the Digital Bank Guarantees project on the platform the MasterChain which feature consists in creation of the entrusted environment for storage of the register of guarantees. It is convinced that application of blockchain technology will lead to growth of use of warranty bank instruments in corporate business. Tatyana Zharkova, managing director of Association of Financial That