Sberbank, one of Russia’s largest banks, is in talks with S7 Airlines to set up a blockchain-based ticketing system.
Russian state bank Sberbank and domestic airline S7 are preparing to collaborate to implement a ticket sales system based on blockchain technology. According to the report published by Kommersant, one of the local news sources, the system is planned to be operational in September. With this system, a first in Russia will be signed and payments will begin with digital tokens.
For the first phase, only corporate customers are expected to be the target of the system. According to the statement made by the representatives on the subject, the new blockchain-based system will reduce the payment transaction times, which currently take about 10 days, to 20 seconds. As Kommersant reports, this new ticket vending system uses a blockchain-based platform and allows companies to develop their own blockchain applications as well as create smart contracts.
It is not yet clear how the tokenization details will take shape in this new initiative. Sberbank is planning to use smart contracts to turn the accounts of its corporate customers into tokenization. An administrator from S7 Airlines explains this with a statement and says that the tokens will be linked to users’ real accounts.
A draft law has been signed by Russian President Vladimir Putin in recent months, prohibiting the use of cryptocurrencies as a means of payment. While the bill is scheduled to enter into force in 2021, Russia has not completely withdrawn from the digitalization of money.
According to a report published in early August, state bank Sberbank plans to issue a fixedcoin to the Russian ruble, one-on-one. In addition, with the ticket payment system expected to be operational in September, it did not go unnoticed how determined Russia is on the way to token.