March 28, 2024

Flights for tokens: Sberbank completed integration with S7 Airlines blockchain platform

Flights for tokens: Sberbank completed integration with S7 Airlines blockchain platform

Sberbank and S7 Airlines complete integrationproprietary blockchain solutions that allow corporate clients to make instant settlements with the airline through smart contracts using tokens. The new service will be available in September 2020.

Previously, when issuing air tickets, the agent used bank guarantees and advances, which required additional costs, as well as material and human resources.The use of blockchain technology allowed partners to automate the entire chain of settlements, so now the money is from the accountagents will be tokenized and immediately transferred to the airline via a smart contract algorithm.

In the new system, Sberbank will act as the ownertokenization platform, as well as a guarantor of the availability of the required amount of funds on the client's current account. The process of converting money itself is rather technical in nature and takes place unnoticed by the user.

According to Anatoly Popov, deputyChairman of the Board of Sberbank, the uniqueness of the project is that for the first time in Russia, settlements on a blockchain platform will be carried out using tokens secured by funds on the client's account.

S7 Airlines is confident that the cooperation will allow the company to expand the number of partners working through the blockchain, including in other commercial industries.

Recall that according to a study by KPMG, despite the current reduction in investment in blockchain, this technology is one of the key areas for increasing competitiveness.

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