More

    Sberbank Bank Buys $15M In Debt In Pilot From Trafigura Trading Giant Using Hyperledger's Fabric

    Sberbank, known as the largest banking institution in Russia, recently used blockchain technology to buy around $15 million USD worth of debt in accounts receivable from Trafigura, a commodity trader based in Singapore.

    This transaction was made using the technology of Hyperledger Fabric platform. The announcement was made this week by the bank and a spokesperson confirmed that this tech provides several advantages for companies that want to trade internationally.

    With the private collections feature of the technology, the company was able to keep a part of the data confidential between some of the participants. The system use smart contracts written with a Scala programming language and the Aurelia framework. SberCloud, the cloud solution of the bank, was also used at the time.

    According to Alexander Vedyakhin, the deputy chairman of the Russian bank, the blockchain technology was very helpful in making the document flow considerably more efficient than it was before. Something that could take up to a day to do before is now done in an hour.

    He also confirmed that the pilot project was very useful because all the steps were fully recorded, so the process could be followed and reviewed all along the way.

    This is yet another example of how blockchain has been useful for the financial market. The spokesperson of the bank confirmed that this technology represents an ongoing evolution in the market and that more advanced solutions are set to be used soon.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Gabriel Machadohttps://bitcoinexchangeguide.com/
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,263FansLike
    2,707FollowersFollow
    4,079FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Chrysler Building's Blockchain Real Estate Owners To Sell Building In Zurich, $135M Cash & ERC20

    The current owner of the Chrysler building is offloading a property valued at around $135 million to a blockchain-based real estate firm. It’s expected...

    Crypto Wallet BRD Expands Core Business, Launches Enterprise Blockchain Service ‘Blockset'

    BRD, a Mobile crypto wallet services provider backed by Ripple as well as SBI Holding, has announced it is expanding to the enterprise sector...

    Ripple: Asia-Pacific Remittance Market Seeing Growing Demand And is Ripe for Digitalization

    APAC digital transfer and remittance market expected to grow by 24.2% from 2018 until 2025 But what’s astounding is the expensive services charging...

    Will Russia’s New Prime Minister Help Foster The Adoption Of Cryptocurrencies?

    The Russian Federation Prime Minister has made a call asking his country people to try and prioritize the development of the digital economy. RIA NOVOSTI,...

    Nationwide Survey: One-Third Of Small And Mid-Sized Businesses Accept Crypto Payments

    36% of Small and Medium-sized Business in the US offering Crypto alternatives for payment systems Newer business are more likely to take up...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.