VTB issues bank guarantee through Masterchain blockchain platform

A assure for the fulfilment of cost obligations within the quantity of 392 million rubles ($5 million) was issued in favour of Russian agency MTS. The transaction was carried out in actual time, with VTB issuing a digital assure signed with a bolstered certified signature, which MTS accepted, sending a corresponding notification to the financial institution.

Masterchain is a blockchain platform developed by the Russian central financial institution with market individuals and the Fintech Affiliation.

Vadim Kulik, deputy president and chairman of the VTB administration board, says: “We’re the primary in Russia to deliver our technological methods into compliance with the necessities of the Masterchain blockchain platform and launched the commercial issuance of digital financial institution ensures.

“This lets you pace up the method of acquiring ensures by the beneficiary and scale back the paper doc circulate. As well as, the location of knowledge in a distributed register eliminates the dangers of fraud with financial institution ensures.”