Tickets for S7 flights will be sold for tokens

The largest state bank in Russia, Sberbank, is ready to launch the sale of air tickets usingblockchain platform and virtual tokens in September.

The first airline to operateSberbank's blockchain platform will become S7 Airlines. Corporate users will be able to purchase tickets instantly. The use of the blockchain will allow to abandon the standard ten-day procedure with freezing funds in bank accounts, letters, packages and paper contracts. The automated blockchain-based scheme allows tokenize and transfer funds from the accounts of the airline's customers according to the algorithm prescribed in the smart contract.

Sberbank acts as a guarantor of the solvency of its clients, ensuring the availability of the required amount in the current account. Wallets for tokens will be linked to real accounts.  

Both the largest bank and the largest Russianan airline, a member of the global aviation alliance Oneworld, S7 Airlines is actively working with blockchain technology. In 2017, the airline launched its own blockchain platform based on the Ethereum protocol for selling air tickets.

By mid-summer 2019, the company had processed over $ 1 million in payments through the platform, but no tokens were previously used in the scheme.

Sberbank has been working on a blockchain platform for a long timeallowing to speed up and reduce the cost of banking services. Sberbank is preparing to issue a stablecoin Sbercoin backed by the Russian ruble next year.

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