September 21, 2020

Alfa Bank Launches Waves Blockchain Business Platform

Alfa Bank Launches Waves Blockchain Business Platform

Alfa-Bank jointly with the company X5 Retail Group (owns the networks Pyaterochka, Carousel and Crossroads) launched blockchain-based business platform. How will this help Russian companies and retail in particular?

Blockchain goes to Pyaterochka and Crossroads

The platform is called Distributed Treasuryand Cash Management. It is built on the basis of the Russian development Waves Enterprise and combines smart contracts, a distributed registry, open APIs and banking services.

Its main advantages are thatthe platform is able to adapt itself to the needs of customers. Traditional solutions in this area are not particularly flexible, which is why businesses have to adapt to standard action templates. This is inconvenient and costly, and also loads the bank itself.

DTCM is a much more personalized tool,Moreover, its customization is entrusted to the users themselves. In fact, customers can create for themselves their own bank, which fully meets their requirements. Moreover, blockchain technology and smart contracts make the process of interacting with the bank simple and extremely reliable, which reduces time and costs.

Blockchain as a second wind for retail

Large retail chains in Russia do not live at allrosy, as you might think. Shops that we see on every corner can close in a short time, and new players will come in their place. For this reason, market leaders are trying their best to stay afloat, and X5 understands all the benefits of blockchain in this matter.

Chief Financial Officer SvetlanaDemyashkevich clarified that the joint project with Alfa-Bank is only the beginning. At the moment, the technology will be involved in data management, which will significantly increase the reliability of processes and reduce costs. In the future, the company intends to modernize its payment system using the blockchain, as well as introduce it into other significant areas of the business.

The potential role of blockchain in retail is huge. Payments, supply chains, accounting, product base - all this can be improved with the help of new technology. As a result, a business can save millions on the costs inherent in less advanced systems. Given that the X5 is starting to implement the technology now, it gains a significant competitive advantage.

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