March 29, 2024

Alfa Bank Launches Waves Blockchain Business Platform

Alfa Bank Launches Waves Blockchain Business Platform

Alfa-Bank, together with X5 Retail Group (which owns the Pyaterochka, Karusel and Perekrestok chains), launchedblockchain-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, and its customization is entrusted to the users themselves.In fact, customers can create their own bank for themselves, which is fully responsibleMoreover, blockchain technology and smart contracts make the process of interacting with the bank simple and as reliable as possible, which reducestime 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.

The company's Chief Financial Officer Svetlana Demyashkevich clarified that the joint project with Alfa-BankThis is just the beginning.is involved in data management, which will significantly increase the reliability of processes and reduce theIn the future, the company intends to modernize its payment system with the help of blockchain, as well as implement it in other significant areas of business.

The potential role of blockchain in retail is huge.As a result, the business can be improved with the help of new technology.save millions on the costs inherent in less advanced systems.To implement the technology now, it gets a significant competitive advantage.

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