The Russian Bank VTB received a patent for the creation of multimetering settlement and payment systems on the blockchain for an unlimited number of participants. About it reports a press-service of the Bank.

Among these services is the system of quick payments, cross border payments and loyalty programs, which potential users can be individuals, legal entities and other banks.

According to the developers, multimedea system will allow you to reduce costs and increase the efficiency of business processes.

The prototype application of the technology in the Bank was “Digital design tools” — a tool for p2p transfers on the blockchain.

“A distributed registry provides no information about balances on accounts of clients and mutual requirements of banks, which are used for clearing and settlement. Functions of a payment system entrusted to smart contracts, and the speed of operations is limited only by the performance of the blockchain”, — said in a statement VTB.

It should be noted that the calculations are made in rubles and do not involve the use of cryptocurrencies.

“Investments that VTB aims at the development of it, change their character with the application strategy. A patent is a significant step towards the development of the digital ecosystem Bank and an important signal to the market”, — said the Deputy President-Chairman of Board of Bank VTB Olga Dergunova.

Recall that in November 2018 Vice-President of VTB Dmitry Snesar said that the Bank is not planning to implement blockchain technology because of the futility of its commercial application.