Sber has launched a new service for settlements between counterparties on a blockchain platform with the ability to use smart contracts to conclude transactions. Its first partner was the digital trading platform GrainChain of Belaya Dacha Group.
As a result of the cooperation between Sberbank and GrainChain within the framework of the Digital Transformation as a Service direction developed by Sber, a tool has been developed with the help of which customers can conduct business transparently and safely.
The use of tokenized electronic money allows you to determine the digital footprint of the activities of market participants. When making settlements, Sberbank guarantees that the buyer has the necessary amount. It will be transferred to the seller and the transport company only after the fulfillment of the conditions of the smart contract, which are independently controlled by the oracles (third party).
The tool is available for both short-term and long-term trades. The advantage of such a settlement solution is that there is no need to visit the bank, since all actions take place remotely on the GrainChain and Sberbank platforms.
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Anatoly Popov, Deputy Chairman of the Board of Sberbank, said: “We are introducing a fundamentally new form of mutual settlements. The project with GrainChain is the first sign in our plans for the development of banking tools for aggregators in this field of settlements. We hope that the experience gained will help us successfully scale the solution to other industries. The development of such services opens up new prospects and a large area for the growth of our clients’ business.”
GrainChain is a B2B ecosystem for trading and logistics operations in the grain and oilseeds market. The goal of the project is to increase the speed and convenience of transactions, as well as the level of trust between participants. The service allows you to search for suitable products and partners according to the specified parameters, check the reliability of counterparties, monitor supply and demand for products/services online, and much more.