The Russian Absolut Bank reported on the basis of the blockchain platform Mastercan the first commercial transaction for the digital release of the Bank guarantee, which was received by OOO “ETHAN” on the supply of food to the Federal institution “Medical and sanitary unit No. 59, Federal medical-biological Agency”.

The advantages of this approach, the Bank took the opportunity to get real-time information on the release of guarantees, the inability to document falsification, confidentiality and more easy and quick interaction between participants of the market of public procurement.

“This technology is in our Bank is already running in commercial operation, and we expect that up to 20% of the issued 2019 online guarantees will be digital,” said Chairman of the Bank Tatiana Ushkov.

Reportedly, the project was implemented in the framework of the Association FINTECH, together with the Bank of Russia and other financial market participants. It is expected that further details of issued guarantees will be stored in a distributed registry Mastercan.

Recall that in September last year, the Russian Raiffeisenbank for the first time had a deal to release electronic a mortgage on the blockchain the platform Mastercan, and later together with the company “Gazprom Neft”, the Mozyr oil refinery (MNPZ) and Belarusian Priorbank tested conducting trade Finance transactions using international digital Bank guarantee on the basis of the blockchain platform R-SAP.