30.11.2021

Who and how uses blockchain in Russia?

Blockchain technology, which only computer geeks and crypto fans knew about 10 years ago, is now being tried on in all spheres of life.

According to Valery Retrov, vice-president of the Russian Association of Cryptocurrencies and Blockchain (RACIB), another 10 years will pass, and blockchain will be as commonplace as the Internet.

Already, this technology is used by such top companies as Microsoft, Oracle, PayPal, Saudi Aramco, Visa, Walmart, Louis Vuitton, Christian Dior, and the cost of blockchain development is approaching $ 6.6 billion per year.

In Russia, business is also not lagging behind. In addition to Norilsk Nickel, which was included in the Forbes global blockchain rating this year, dozens of Russian companies are studying or developing blockchain solutions.

Sberbank

Industry: financial services and investments.

Description: the country’s main bank and the largest private company in Russia with a capitalization of 7 trillion rubles.

Blockchain platform: Hyperledger Fabric.

Why blockchain is needed: Sberbank wants to transfer the main banking processes to blockchain. Sber’s Blockchain Laboratory develops projects for mortgage lending, factoring, insurance and letters of credit.

“Blockchain can significantly change many areas of business related to the financial market, to the classic activities of the bank and our clients,” – Igor Bulantsev, Senior Vice President of Sberbank, Head of Sberbank CIB.

National Settlement Depository (NSD)

Industry: financial services, investments.

Description: The company is a member of the Moscow Exchange group, serves the securities market in Russia, and helps the Russian financial sector integrate into the international ecosystem.

Blockchain platform: Hyperledger Fabric.

Why blockchain is needed: PDR is introducing blockchain into the financial infrastructure. Most of all, the company is interested in transactions with securities, as well as accounting and documentation on the blockchain.

“NSD’s task is to develop the financial market and offer services and technological solutions demanded by its participants. The implementation of blockchain in some cases allows to simplify the architecture of systems and offer a cheaper solution compared to centralized options. The emergence of new types of digital assets can also stimulate the introduction of distributed ledger technology to ensure market transparency for regulators and protect investors’ rights ”- Artem Duvanov, Director of Innovation, NSD.

Norilsk Nickel

Industry: mining and metallurgical industry Norilsk Nickel is the world’s largest producer of nickel and palladium. The company ranks sixth in the Forbes rating of large companies and fourth in terms of capitalization in Russia.

Blockchain Platform: Hyperledger Fabric

Why blockchain is needed: Norilsk Nickel wants to simplify commodity trading using blockchain. The company issues tokens backed by palladium, cobalt and copper and sells them to manufacturers. In addition, Norilsk Nickel keeps track of minerals on the blockchain.

“We believe that the digital technologies of the RSBN blockchain network and the Atomyze platform will help Norilsk Nickel and its partners move to a circular economy and track the movement of commodities in near real time without heavy workflow,” – Vice President, Head of Sales and Commerce Norilsk Nickel ”Anton Berlin.

Gazprom Neft

Industry: oil industry.

Description: The company extracts and refines oil and gas. The company is one of the three largest oil producing companies in Russia.

Blockchain platform: Hyperledger.

Why blockchain is needed: Gazprom Neft is interested in logistics and the sale of fuel on the blockchain. The company uses this technology to track the movement of goods. In addition, Gazprom Neft has developed its own Smart Fuel blockchain system for air refueling.

S7 Airlines

Industry: air transportation.

Description: The second largest airline in Russia, engaged in domestic and international air transportation. S7 Airlines annually carries over 14 million passengers, second only to Aeroflot in this indicator.

Blockchain platform: Hyperledger.

Why blockchain is needed: The company sells tickets through the blockchain.

Who else is using blockchain in Russia?

Many large companies are studying blockchain or are already using it in their business processes. Alfa-Bank, X5 Retail Group, retail chains Dixy, Obuv Rossii and other companies from various industries are mastering the new technology.

Leave a Reply

Your email address will not be published. Required fields are marked *