Sberbank and S7 Airlines have completed the integration of their own blockchain solutions that allow corporate clients to make instant settlements with the airline through smart contracts using tokens. The new service will be available in September 2020.
Previously, when issuing air tickets, the agent used bank guarantees and advances, which required additional costs, as well as material and human resources. The use of blockchain technology allowed partners to automate the entire settlement chain, so now money from the agent’s account will be tokenized and immediately transferred to the airline through the smart contract algorithm.
In the new system, Sberbank will act as the owner of the tokenization platform, as well as the guarantor of the availability of the required amount of funds on the client’s current account. The process of converting money itself is rather technical in nature and occurs imperceptibly for the user..
According to Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, the uniqueness of the project is that for the first time in Russia, settlements on a blockchain platform will be carried out using tokens secured by funds on the client’s account.
S7 Airlines is confident that cooperation will allow the company to expand the number of partners working through the blockchain, including in other commercial industries..
Recall that according to KPMG research, despite the current decline in investment in blockchain, this technology is one of the key areas of increasing competitiveness.
text: Ivan Malichenko, photo: TASS
Flights for tokens: Sberbank completed integration with S7 Airlines blockchain platform