The name of the base system (platform): | Projects based on blockchain technology |
Developers: | Sberbank |
Date of the premiere of the system: | 2019/11/19 |
Branches: | Financial Services, Investments and Auditing |
The main articles are:
2019: Obtaining a patent for the method and system of performing a repo transaction using distributed register technology
On November 19, 2019, Sberbank informed TAdviser that it was the first in Russia to receive a patent for the method and system of performing a repo transaction using distributed register technology. The solution is fully developed by the bank's specialists.
The innovation allows you to fix the terms of the repo transaction between the parties in a self-fulfilling decentralized environment, the so-called smart contract. Further, in the distributed register, with the help of the EDS, the parties sign the terms of the smart contract, which fulfills the first part of the repo transaction, transferring funds and securities to the parties to the transaction.
During the life cycle of the transaction, monitoring and recording in the distributed register of the market value of securities is carried out. Based on signals from an external source of quotations, the smart contract automatically makes mutual settlements between the parties and closes the transaction.
The proposed scheme includes a full end-to-end process that eliminates the problems of reclamation and disagreement between the parties, thereby reducing risks for the Bank and reducing the cost of financing for the client.
The solution we developed is the first demonstration of the capabilities of blockchain technology to model such a comprehensive financial product as a repo transaction. Sberbank has proven the ability to build a decentralized infrastructure on the basis of blockchain, where participants in even the most complex financial transactions can work directly without involving intermediaries, said Andrey Shemetov, Vice President of Sberbank, Director of the Department of Global Markets
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