Raiffeisenbank together with the company “Gazprom oil” and other large enterprises issued the first Bank guarantee based on blockchain technologies, according to Kommersant.

The deal between “Gazprom oil” and the Mozyr oil refinery (MNPZ) uses digital Bank guarantee, developed on the basis of the R-chain. The oil company agreed to supply raw materials Mozyr oil refinery (MNPZ). Bank supplier made Raiffeisenbank, Bank of the Belarusian plant became Priorbank.

Used technologies are based on was developed by Raiffeisenbank in 2017 blockchain platform R-chain.

“The deal involved four nodes, that is, all parties were fully connected to the platform. Was used the model of full integration has resulted in the greatest transparency”, — said the head of documentary operations and trade Finance Raiffeisenbank Tatiana Ivashkova.

According to Ivashkovo, today usually banks issue guarantees on paper or via email through the SWIFT system. Customers do not have access to this system. About the beginning and the end of the guarantee customers are informed only after the event, received a message from banks. The blockchain provides access to all information to all parties.

“We worked on technical solution according to the wishes of our customers. Significant it full approval of the beneficiary of the guarantee conditions prior to release and the instant of its cessation, subject to the execution of payment obligations”,— said the representative of the Raiffeisenbank.

Earlier in the Russian market are already used the blockchain to conduct financial transactions. So, in September 2016, the Central Bank of Russia began developing blockchain platform “Mastercam” based on Ethereum. In October 2017, the national settlement Depository (NSD) together with the Russian mobile operator “MegaFon” and Raiffeisenbank posted a 500 million ruble bond, and in may 2018, the mobile operator “MTS” and Sberbank CIB has placed commercial bonds with smart contracts.