New Bank Guarantee to Be Issued on Blockchain from Gaxprom Neft and Raiffeisen Subsidiary

2018-11-14 04:58

In a report from Kommersant, a Russian business newspaper, the collaborative effort between four different parties will change the way that blockchain is handled. Specifically, the partnership between Gaxprom Neft and Priorbank of Belarus (the Russian subsidiary of Raiffeisen Bank International) are declaring a guarantee on blockchain technology.

According to the report, the purpose of this guarantee was to allow four different parties to conduct a trade finance transaction. The four parties included were Raiffeisen, Gazprom Neft, Belarusian firm Mozyr Oil Refinery, Priorbank of Belarus. The Russian oil company retained Raiffeisen as their advising bank, though Priorbank of Belarus ultimately issued the bank guarantee with blockchain technology.

Raiffeisen Russia’s head of documentary transactions and trade finance, Tatyana Ivashkova, said, “Four nodes participated in the transaction, that is, all parties were fully connected to the platform.

Typically, an internal system would be used for the guarantee release, and the client would only know after the transaction has completed. However, blockchain technology ensures that the participants are able to see the documents at the time, tracking it through the entire process. Furthermore, the time spent processing is significantly shorter.

Raiffeisen has experience with testing blockchain already, though they previously were involved with an electronic mortgage. This transaction involved blockchain platform Masterchain, which was created by some of the biggest players in the market to involve a decentralized network with their data. Soon after, the bank announced their intention of collaborating with a state agency called Rosreestr, which collects information on the real estate industry for a smoother e-mortgage process.

Blockchain is being adapted for multiple users around the world. Just a day ago, CoinTelegraph wrote about multiple oil companies that are setting up a platform for energy commodity trading. This technology is ideal for trading, improving transparency in the industry and creating trust amongst new partners. Right now, the network includes ABN Amro Bank, ING Bank, Societe Generale Bank, and multiple trading houses. Their network is set to go into effect by the end of this month, specifically for the North Sea oil market.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.564 (-100%)

blockchain subsidiary raiffeisen russian between report neft

blockchain subsidiary → Результатов: 116


Фото:

A New Cross-border Payments Corridor Between Japan and Brazil Will Be Opened Soon, Utilizing Ripple

Renowned Japanese bank Mitsubishi UFG Bank and its wholly-owned subsidiary Banco MUFG Brasil signed a MoU with Brazil’s Banco Bradesco SA Bank to create a new cross-border payments corridor. The overseas payments network will work between Japan and Brazil, utilizing blockchain solutions from the US-based fintech company Ripple.

2018-11-12 20:29


Newsflash: Prime example why EOS is centralized and not a blockchain while Ripple technology has a new interested party considering joining their network

Biggest Japanese bank to explore Ripple’s technology Ripple’s cross-border payment solutions, powered by the XRP cryptocurrency, have seemingly gotten another party interested to explore them. The party in question, MUFG Bank (and its subsidiary Banco MUFG Brasil S.

2018-11-11 13:39


Fidelity Digital Assets Lead: Crypto And Blockchain Will Surge in 2019

Fidelity Digital Assets — A Game-Changer For Crypto Just two weeks ago, as reported by Ethereum World News, the crypto industry at large was shaken to its core, as Boston-based Fidelity Investments, a multinational investment services corporation, revealed plans to launch a digital asset-centric subsidiary for the firm’s 13,000+ institutional clients.

2018-10-29 03:37


Regulators Approve Coinbase to Offer Custody Services in New York State

Coinbase has secured approval from New York state regulators to act “as a limited purpose trust company” in the state, a press release reveals. According to the release, the New York Department of Financial Services (DFS) has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc.

2018-10-24 00:55


Фото:

Binance Follows OKEx In Setting Up Malta Security Token Exchange

Cryptocurrency exchange Binance has signed a deal with the stock exchange of its new home Malta to host traditional assets using blockchain-based security tokens. Malta ‘Taking The Helm’ In a press release September 11, MSX, the fintech and digital asset subsidiary of the Malta Stock Exchange confirmed it had signed a memorandum of understanding (MoU) with Binance to launch the security tokens trading platform.

2018-9-11 20:00


Фото:

Apex Clearing Expands Services Via New Subsidiary to Include Crypto Assets

Cryptocurrency is becoming increasingly popular among younger gen investors, specifically among millennials. Rather than turning over the business to other firms, digital asset management company, Apex Clearing opted to launch a new subsidiary called Apex Crypto, which will be tasked to handle the demand for crypto assets among its existing clientele.

2018-9-8 15:49