Sberbank: Platform for automatic fast settlements based on blockchain

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• Blockchain in Russia
• Blockchain in Sberbank
• SaaS - History. Philosophy. Development drivers

2022: Launch of blockchain settlement service between counterparties with smart contracts

Sberbank has launched a settlement service between counterparties on a blockchain platform with the ability to use smart contracts to conclude transactions. Representatives of Sberbank announced this to TAdviser on June 15, 2022. The first partner of the service was the digital trading platform GrainChain from the Belaya Dacha Group of Companies.

As a result of cooperation between Sberbank and GrainChain, within the framework of the Digital Transformation as a Service direction actively developed by the bank, a tool was developed with which customers can conduct business transparently and securely.

According to representatives of Sberbank, the use of tokenized electronic funds allows you to determine the digital footprint of market participants. When making calculations, Sberbank guarantees that the buyer has the necessary amount. It will be transferred to the seller and the transport company only after the terms of the smart contract, which are independently controlled by oracles (third party).

The tool is available for both short-term and long-term deals. The advantage of such a settlement solution is that there is no need to visit the bank, since all actions take place remotely on the GrainChain and Sberbank platforms. As conceived by the bank, the implementation of the service will help bring market relations to the next digital level.

We present a fundamentally new form of mutual settlements. The project with GrainChain is the first swallow in our plans for the development of banking instruments for aggregators in this area of ​ ​ settlement. We hope that the experience gained will help us scale the solution to other industries. The development of such services opens up new prospects and a large zone for the growth of the business of our clients, - said Anatoly Popov, Deputy Chairman of the Management Board of Sberbank.

2020: Presentation of cloud platform based on distributed registry technology

July 31, 2020 it became known that Sberbank he developed cloudy a platform based on distributed register technology () blockchain for automatic quick calculations.

The placement of the solution is planned at the facilities of SberCloud, which is part of the Sberbank group of companies.

The placement of the blockchain platform in the SberCloud cloud infrastructure will provide access to IT resources necessary for the operation of the smart contract service in seconds, which is extremely important with the growth of the number of customers and transactions on the blockchain platform, the press service of Sberbank noted.

At the end of 2019, it became known that Sberbank received a patent for the method and system of performing a repo transaction using distributed register technology, participants in complex financial transactions can work directly without involving intermediaries. The technology patented by Sberbank allows you to fix the terms of the repo transaction between the parties in a self-fulfilling decentralized environment using 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 quotation source, the smart contract automatically makes settlements between the parties and closes the transaction. The scheme 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.

In April 2020, Sberbank joined the blockchain platform of the Federal Tax Service of Russia (FTS) for small businesses, which was created to promptly process documents on applications from entrepreneurs for a loan at 0% to pay salaries. In the process of connecting to the project, according to Sberbank, such proprietary technologies as the SberCloud cloud, a single corporate client profile (EPC) on the business development support platform and the SOWA security gateway were involved.

As explained in the press service of Sberbank, the blockchain platform for quick settlements will allow all participants in the supply chain to track the movement of goods, automatically receive bank financing, and also make payments based on data on the movement of cargo.

Any company will be able to start using smart contracts developed by Sberbank in a few minutes or create its own, "said Anatoly Popov. - Smart contracts will automate the business logic of many transactions, guaranteeing discipline and correctness of calculations. Payments under smart contracts go through automatically, and the funds go to the seller in a few seconds.

According to him, the speed of many business processes when using this blockchain platform for quick calculations will increase tenfold. In the future, it is also expected that various services of Sberbank and its partners will be connected to the platform. This in the future will allow you to create completely different financial products for corporate clients.

Sberbank also clarified that other banks and technology companies will be able to join the company's blockchain platform.

The development of such solutions based on blockchain is an important global trend and our platform has every chance of becoming an industrial standard, - said Anatoly Popov[1].

Notes