Raiffeisen Bank Joined Oil-giant Gazprom Neft – On Nov. 12, the Russian business newspaper Kommersant published that the Russian subsidiary of Raiffeisen Bank International has joined forces with regional state-owned oil monster Gazprom Neft, to issue a bank guarantee on the blockchain.

“Four nodes participated in the transaction, that is, all parties were fully connected to the platform.”

-Tatyana Ivashkova

Head of Documentary Transactions and Trade Finance at Raiffeisen Russia.

 As per Kommersant, the bank guarantee was issued to lead a trade finance transaction with four companies gathering: Raiffeisen, Gazprom Neft, Belarusian firm Mozyr Oil Refinery, Priorbank of Belarus. Raiffeisen acted as an advising bank for the Russian oil organization. While Priorbank of Belarus, a member of Raiffeisen bank association, issued a bank guarantee for the transaction through the blockchain.

Raiffeisen Has Officially Tried Blockchain Before

Raiffeisen Bank Joined Oil-giant Gazprom Neft – The framework utilized was seemingly created by Raiffeisen, based on the R-chain blockchain platform of the bank, which was discharged in the year 2017.

With the use of blockchain, all users and members gain access to documents at the same time, enabling the transaction to be completed when the payment is made, which saves time.

Typically, by means of their internal framework, banks release a guarantee, informing the customer based on the fact, Ivashkova states.

Raiffeisen has officially tried blockchain previously, issuing an electronic mortgage with the help of regional blockchain platform Masterchain. Which is a Russian interbank podium made by real market players to exchange important information using a decentralized system. The bank, at that point, disclosed its intention to associate Rosreestr. Which is the Russian state organization that gathers information on real estate, to streamline e-mortgage issuance?

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Sneha is a full-time writer at Nvestweekly and is passionate about Blockchain Technology. Leveraging over three years of experience in media, she covers the daily developments in the crypto ecosystem.

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