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.