Russian mobile operator MTS and Sberbank CIB has carried out the transaction on placement of commercial bonds with smart contracts on the blockchain-a platform-National settlement Depository (NSD). About it reports “Kommersant”.
As the newspaper notes, this is the first in Russia transaction of the full cycle, including cash settlement mechanism “delivery versus payment” using the technology of the distributed registry.
The organizer and the main buyer of the release of semi-annual bonds MTS to 750 million rubles with quarterly coupon of 6.8% per annum was Sberbank CIB.
As part of the deal was the added possibility of dynamic changes in the composition of network members to work with a wide range of investors, and upgraded to the latest version of the platform Hyperledger Fabric.
Technically the transaction was implemented four smart contracts from registration of the bonds in the blockchain until settlement in rubles, which occurred simultaneously with the transfer of rights to securities. The maturity will be made in six months with the fifth smart contract.
“The use of smart contracts allows to reduce by 5-10% in operating costs due to the lack of necessary data backup”, — said managing Director for Depository activities of the NSD Denis Buryakov.
One of the objectives of the placement was “proof of the advantages of this format over the classical bonds”.
“Our goal is to scale the technology for various financial transactions and processes, but this is only possible when formed legislative base”,— said beets.
For the transaction access to a decentralized platform, NSD received an Issuer, the Central Depository and the investor. For other participants in the blockchain the transaction process until its completion remained completely closed, according to the requirements of the Bank secrecy act. Wherein the source used smart contracts have been placed in the public domain.
NSD expect that in the future will join the system and other participants.
“We are moving sequentially forming competence and confirming the market prospects of new technologies. One of the priorities is reducing the cost of transactions for all players by increasing the volume and engagement of a wide range of issuers”, — said beets.
We will remind, in October 2017 NSD “Raiffeisenbank” and “the Megaphone” has carried out the transaction on placement of ruble-denominated bonds through the blockchain. However, cash payments took place outside the blockchain.