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Sberbank has signed with Trafigura the first transaction via the blockchain

Sberbank has signed its first agreement with a Singaporean company Trafigura using blockchain technology, said the first Deputy Chairman of Sberbank Alexander Vedyahin, reports TASS. Vedyahin said:

«We made the first transaction through the blockchain with Trafigura, a leading international commodities market, and plan to develop this technology in the future.»

According to Vedyahina, the use of the blockchain allowed to reduce operational risks, the timing of approvals and the time required to implement the transaction. Vedyahin said:

«In our pilot blockchain records every step of the transaction. As a result, the process is reduced from one day to one hour. I believe that such transactions using blockchain technology — the perfect solution for a business that trades with a large number of participants.»

In 2017, the savings Bank has conducted Russia’s first payment transaction using the blockchain, and in 2018, concluded the first off-exchange REPO transaction on the blockchain.

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