The Fund “VEB Innovations” made the first smart contract on an electronic platform B2B-Center. The actions of the customer and potential suppliers were recorded on blockchain-Ethereum platform, according to the CRN portal, with reference to the press service of the company B2B-Center.

According to the commercial Director of B2B-Center Andrey Boyko, the use of the Ethereum platform enables you to move the calculations to account via e-wallets. Assign each token to the execution of the specific contract will ensure transparency of spending.

“During the actual procurement, we showed the near future of enterprise e-Commerce. Ecosystem-based blockchain and electronic platforms eliminate financial intermediaries. In corporate procurement for this model fewer restrictions, so it will be interesting primarily for large customers such as the Bank. Smart contracts will reduce the costs of corporate engagement with suppliers and improve the efficiency of the budget”, — said Boyko.

In turn, senior Vice-President VEB Gleb young added that “smart contracts will make it easier to participate in government and corporate procurement, reduce transaction costs and will allow you to control the quality of execution of contracts”.

He also added that in the next phase, the Bank plans to develop its own cryptocurrency payments.

We will remind, in February the head of Vnesheconombank Sergey Gorkov welcomed the prospect of replacing paper money to electronic.