Sberbank, the largest bank in Russia, has bought over $15 Million worth of accounts receivable using blockchain. They bought it from a Singapore-Based commodity trading company Trafigura.
Spokeperson from Sberbank said, The first transaction was made on the Hyperledger Fabric platform. Fabric has a private collection feature which can keep certain set of data confidential even among a subset of network participants. And yes, they took advantage of it.
During an Economic Forum in Vladisvostok, Russia this news was first heard. Alexander Vedyakhin, Deputy chairman of Sberbank revealed the deal. But not all the details were told to the public during that time.
The said receivables obtained by the bank were owed to Trafigura by a large client from Turkey.
In his statement, Alexander said that this technology helped the documentation flow more effective. And also saved time and complete the deal much faster. Saying: ” From one day to one hour”.
Sberbank said, this deal shows a progress made by blockchain technology for the global business use.
“What we see in 2019, and in this pilot in particular, is an ongoing evolution of this tech, from a promising but not yet developed technology into a more advanced and mature solution ready to live up to its initial disruptive image”
They also added that Trafigura is considering an expansion using blockchain in global trade finance.
Trafigura’s spokesperson said the transaction between the two companies has a smooth flow. They are also discussing how this can be useful in more cases.
Sberbank is a member of the Fintech Association. A consortium backed by the Russian central bank who’s working on ethereum-based enterprise platform dubbed Masterchain.