S7 Airlines will start selling Tickets on the Sberbank Blockchain
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S7 added to the list of users of the blockchain platform developed by Sberbank.
The airline is implementing a ticket purchase system using a blockchain platform, smart contracts, and tokens that will be linked to real customer accounts.
Sberbank’s corporate clients will be able to buy air tickets for tokens through the S7 Airlines blockchain platform. The airline clarified that such a solution is being used for the first time in Russia, the service will be available in September this year.
Advantages of the new system on Sberbank blockchain
Now, S7 ticket agents with accounts with Sberbank will be able to instantly make settlements through smart contracts using tokens. In the case of air tickets, the speed of settlement of the transaction will increase from ten days with the standard procedure to 20 seconds.
The new scheme does not imply the presence of bank guarantees and advances. Money from the agent’s account is tokenized and transferred to the seller according to the algorithms recorded in the smart contract. Tokens will be linked to real customer accounts.
Deputy Chairman of the Board of Sberbank Anatoly Popov said that the company presented a technology that allows “any company” to develop its own blockchain applications and create smart contracts. Due to this, it will be possible to increase the turnover of funds and manage cash flows.
The Civil Code directly provides for the possibility of concluding smart contracts – self-executing transactions, explained Dmitry Zakharov, CEO of Moscow Digital School. According to him, smart contracts are one of the most promising areas related to blockchain technology.
“Every year we will see more and more cases of introducing smart contracts into economic activities because they can significantly reduce costs, increase the turnover of funds and protect transactions,” – Zakharov is sure.
Earlier, Sberbank allowed the possibility of issuing a token pegged to the ruble. The company stressed that the decision to create a stablecoin backed by the Russian currency will be made “in the near future.”
Also in mid-August, a loan secured by cryptocurrency was first issued in Russia. The loan was given to entrepreneur Mikhail Uspensky through the conclusion of an individual bank loan agreement secured by Waves tokens. An escrow mechanism was used in the structuring process. Read more here…
President Vladimir Putin signed the Law on Digital Financial Assets in the summer. The new rules, which will define cryptocurrencies and prohibit their use as a means of payment, will enter into force on January 1, 2021. Read more here…
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