Russia’s Alfa Bank And Cloud-Based Solution Kvartplata To Build A Blockchain For Utility Bill Payments
Russia’s Alfa Bank Joins Hands With Cloud-Based Solution Kvartplata To Build A Blockchain Platform For Utility Bill Payments
Russia-based Alfa Bank has partnered with Kvartplata, a cloud-based solutions developer, to build a blockchain platform that will allow it to make utility bill payments. By adopting blockchain technology, the bank expects to improve transparency in the utility sector, reducing instances of unpaid bills.
Bill Information To Be Available For Security Agencies
As soon as the platform goes live, security agencies in Russia will be able to access utility bill information. Payments will be made in real-time, and no delays will be expected as is the case with the current arrangements.
With the new blockchain platform, users will also enjoy real-time access to reliable and immutable information about their utility bills and payments, since all transactions will be conducted on the blockchain between different service providers.
Alfa Bank expects to make the system available to local lenders who want to be part of it as either payment providers or collectors of utility bill services.
Increasing Adoption Of Blockchain Technology
Alfa bank joined the R3 blockchain consortium in March 2018, becoming the first lender to make such a bold move. The bank also experimented on blockchain-based KYC solution successfully in 2018, Other banks also followed suit, with most of them already having projects that test blockchain-based solutions as well.
VTB, a government-controlled bank, developed a technology that would allow blockchain payments, successfully testing it across many users.