Technology

Gazprom Neft approved the Masterchain blockchain solution for working with bank guarantees

The Russian firm Gazprom Neft has confirmed the compliance of the Masterchain platform, developed by the FinTech Service Affiliation, with the necessities for working with digital bank guarantees (CBG).

In keeping with the Affiliation, their solution reduces the prices of contributors in commerce finance transactions by eliminating paperwork and the use of sensible contracts.

“Operations in the Masterchain happen in actual time. “Distributed registry expertise eliminates the chance of fraudulent transactions which will come up in the strategy of paper work”, - famous the basic director of the FinTech Affiliation Tatyana Zharkova.

Sergei Ryabov, head of the digital transformation program for the Economics and Finance block of Gazprom Neft, added that the velocity and reliability of the Masterchain platform are achieved, amongst different issues, by attracting the largest assure banks.

It's anticipated that the company will start the industrial use of blockchain options for the manufacturing of pulp and paper merchandise by the finish of 2020.

Recall that in October 2019 Gazprom Neft introduced plans to introduce distributed ledger expertise in the provide management course of.

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