Sberbank has struck its first deal through blockchain, signed with Singaporean company Trafigura PTE Ltd, First Deputy Chairman of the Sberbank Board Alexander Vedyakhin has told TASS.

“We have signed our first deal via blockchain, with global commodities leader Trafigura, and we intend to develop this technology in the future,” he said.

In particular, Vedyakhin has revealed that Sberbank purchased from Trafigura the accounts receivable of a large Turkish buyer. The companies also agreed the terms of financing and implemented the calculation with the status displayed online.

According to Alexander Vedyakhin, the use of blockchain allowed the bank to reduce transaction risks, terms of endorsement of documents, and the working hours the sides spent on transactions.

“In our “pilot”, blockchain registers every step: the request for debt buyback, application processing, referral of the offer by the bank, confirmation of terms by Trafigura, and consummation of the deal. As a result, the process was reduced from a day to an hour. I think such deals with use of blockchain technology are a perfect solution for business,” he said.

Sberbank press service has said that the bank intends to develop the technology, which allows optimizing business processes and notably increase the efficiency of documentation procedures, and considers the possibility of expanding the list of partners using blockchain.

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