The Russian VTB Bank received a patent for the creation of multi-issuance settlement and payment systems on the blockchain for an unlimited number of participants. Among such services, including: fast payment systems, cross-border payments and loyalty programs. The system will be able to use individuals and legal entities and other banks.
The developers of the future system declare: blockchain at its core will reduce costs and improve the efficiency of business processes. The digital settlement service, a tool for p2p transfers on the blockchain, became the prototype for the use of technology in the bank.
“A distributed registry ensures that information on balances in customer accounts and mutual requirements of banks, which are used for clearing and settlements, is unchanged. The functions of the payment system are assigned to smart contracts, and the speed of operations is limited only by the performance of the blockchain” — says the VTB.
Despite the blockchain underlying the development, we note: calculations in the system are made in rubles and do not involve the use of cryptocurrencies.