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Publish Date : 03-Jan-2017

Alfa Bank has joined hands with S7 Airlines to test an implementation of service payment transactions using smart contracts deploying Blockchain technology.

The blockchain technology behind the widely known digital currency Bitcoin, is more actively consolidating decentralized data storage and safe communication between business partners.

Impossibility of stealing, changing or deleting registered data makes platforms developed using the technology the most secure business solution.

Last year, the Bank of Russia had unveiled Masterchain, an Ethereum-based Blockchain prototype especially developed to serve the interests of financial market players.

Alfa Bank, together with Sberbank, Qiwi, Banks Tinkoff and Otkritie, was among the contributors to this newly built and tested platform.

Alfa Bank says Blockchain is the ideal solution for business structures that involve lots of partners. Hence, financial players have been active in developing and testing the technology's potentials.

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