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Russian bank VTB issued a bank guarantee to Rostelecom based on the Masterchain blockchain platform, the media found out
VTB Bank, together with Rostelecom, issued a bank guarantee for medium and small businesses based on the Masterchain blockchain platform. RIA Novosti writes about this with reference to the bank’s press service. The guarantee was issued on behalf of Orbita LLC.
As the senior vice president of VTB Ruslan Eremenko stated, the structured form of the guarantee “allows avoiding mistakes and shortening the approval time.”
“Digital transformation affects all product areas of VTB Bank, including the documentary business,” Eremenko added.
Senior Vice President of Rostelecom Sergei Anokhin noted that the rejection of paper workflow is important for companies with a distributed geographic presence. He agreed that blockchain makes it easier to verify documents and also shortens the time it takes to sign contracts. However, it is not reported how quickly the blockchain has reduced document flow costs. The amount of the guarantee was also not disclosed.
This is not the first time VTB has issued a bank guarantee on the blockchain. Back in December 2020, VTB, together with MTS, issued a bank guarantee based on the Masterchain in the amount of ₽392 million. Then VTB issued a guarantee signed with a digital signature, and MTS acted as the receiving party.
According to VTB Senior Vice President Konstantin Savelyev, Masterchain will soon form the basis of a single digital field for document flow in Russia. However, VTB is not the first Russian bank to issue a bank guarantee through Masterchain. In January 2019, Absolut Bank reported on the issue of a digital bank guarantee based on the same blockchain platform. Then it was issued to the ITAN company for the supply of food products.
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