Sberbank and S7 will start selling tickets for tokens

The airline is implementing a ticketing system using a blockchain platform, smart contracts andtokens that will be tied to real customer accounts.

Sberbank's corporate clients will be able to buyair tickets for tokens through the S7 Airlines blockchain platform. The airline said that such a solution is being used for the first time in Russia, the service will be available in September this year, Kommersant writes.

Now S7 ticket agents who haveSberbank accounts will be able to instantly make settlements through smart contracts using tokens. In the case of air tickets, the speed of settlement of the transaction will increase from ten days with the standard procedure to 20 seconds.

The new scheme does not involve bankingguarantees and advances. Money from the agent's account is tokenized and transferred to the seller according to the algorithms recorded in the smart contract. Tokens will be linked to real customer accounts.

Deputy Chairman of the Board of Sberbank Anatoly Popovsaid the company has introduced technology that allows "any company" to develop their blockchain applications and create smart contracts. Due to this, it will be possible to increase the turnover of funds and manage cash flows.

The Civil Code directly providesthe possibility of concluding smart contracts - self-executing transactions, explained Dmitry Zakharov, CEO of Moscow Digital School. According to him, smart contracts are one of the most promising areas related to blockchain technology.

“Every year we will see more and more casesimplementation of smart contracts in business activities, because they can significantly reduce costs, increase the turnover of funds and protection in transactions, "Zakharov is sure.

Earlier, Sberbank admitted the possibility of issuinga token pegged to the ruble. The company stressed that the decision to create a stablecoin backed by the Russian currency will be made "in the near future."

Also in mid-August in Russia for the first timereceived a loan secured by cryptocurrency. The loan was given to entrepreneur Mikhail Uspensky through the conclusion of an individual bank loan agreement secured by Waves tokens. An escrow mechanism was used in the structuring process.

In the summer, President Vladimir Putin signed the law “Ondigital financial assets ". The new rules, which will define cryptocurrencies and prohibit their use as a means of payment, will come into force on January 1, 2021.

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