Business news

MINSK, 24 October (BelTA) – BPS-Sberbank is the first commercial bank in Belarus to carry out an international deal powered by the blockchain technology, the bank’s press service told BelTA.

The international group Sberbank has developed an information system based on the blockchain technology to make transactions in the form of letters of credit. The combination of letters of credit and the blockchain technology makes both sides confident that the terms of the deal will be fulfilled. The technology allows tracking the entire lifecycle of the deal in real time. It also simplifies paperwork, accelerates transactions, and optimizes costs while data verification without losing any confidentiality securely protects all the operations.

Sberbank Group implemented the first international blockchain deal via BPS-Sberbank bearing in mind the position of the Belarusian daughter enterprise as one of the leaders on the Belarusian trade financing market and taking into account the high level of competences in the development of banking information technologies.

While conventional transactions can take several weeks to complete, the new technology reduces the time to several minutes.