Russia's Biggest Bank Wants To Adopt Blockchain

According to Bloomberg, a Russian banking consortium uses a service based on the Ethereum blockchain to enable faster and more secure money transfers.

This consortium including the VTB Group, Sberbank PJSC, TSC Group Holding PLC, Bank Oktritie and Alfa Bank has developed a "distributed ledger" called Masterchain that uses a modified Ethereum protocol.

Two months ago, Russian President Vladimir Putin met Vitalik Buterin, founder of Ethereum, showing a change in policy on cryptocurrencies while year before the Ministry of Finance had threatened to imprison all people using digital currencies.

According to Vyacheslav Putilovsky, an analyst at Expert RA Bank, Russia is said to have a highly developed banking market with banks wanting to overtake their Western competitors in the adoption of blockchain technologies.

Indeed, these technologies make it possible to check property rights, contractual agreements, etc. without intervention of intermediaries.

These technologies, in addition to their speed of execution, would reduce management fees for banks by nearly 80% bypassing many intermediaries, such as notaries for example.

Thus, the Russian consortium wants to start applying this system for loans before middle of the year 2018.

This masterchain could also allow banks to search the database "blacklist" of customers to guard against the risk of fraud.

Although Russian position central bank remains cloudy, it is already using the blockchain to process online payments and check customer data on loans.

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