Posted 8 months ago | by Ben Armstrong
Russia’s Sberbank Teams Up With S7 Airlines To Launch Blockchain Powered Ticket System
Numerous large organizations have expressed excitement in blockchain technology. Sberbank has become increasingly involved in blockchain development and is working with S7 airlines to launch a blockchain powered ticketing system.
Russian media outlet Kommersant recently revealed that Sberbank, Russia's leading state-owned bank, is building a strategic partnership with the largest domestic airline business, S7 Airlines, to launch a blockchain-based ticket system.
Sberbank is Breaking Blockchain Barriers
Some banks see blockchain technology as a potential revolution in the financial industry, while others have concerns about security. Sberbank has been an innovator in this area and isn't afraid to lead the way.
With the new platform from Sberbank, customers may find it easier to buy tickets with instant settlement using tokens and smart contracts.
The new system is expected to officially come online in September this year, according to the report. This also marks the first time in history that Russian enterprises will use virtual tokens for payment and settlement.
The new system is only being planned for use business customers. Representatives of Sberbank and S7 officially suggest that the blockchain program would potentially minimize settlement time from 10 days to just 20 seconds.
Great Tools for Keeping Track of Big Data
The new ticket sales system uses a specialized network approach, which enables businesses to establish their own blockchain applications and also to generate smart contracts.
S7 Airlines has already launched its blockchain ticketing app based on Sberbank’s platform.
The concept of tokenization in this pilot project is not exactly clear – but Sberbank is the manager of the tokenization platform, which uses smart contracts to "tokenize money" from a customer's account.
The tokens are associated with real account holders, as stated by an S7 Airlines exec. In recent years, blockchain development has become the priority target of both Sberbank and S7 Airlines.
More is On The Way
In 2017, Russia's biggest airline business and a member of the global Oneworld aviation partnership, S7 Airlines, together with Russia's largest private bank, Alfa-bank, officially conducted the first blockchain-powered ticket acquisition worldwide.
By July 2019, more than $1 million had been charged by the company through the website. Earlier in August, rumors revealed that Sberbank plans to launch its own one-to-one stablecoin attached to the Russian rouble and there is likely more to come.
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