Gazprom Neft and Raiffeisen Bank test blockchain-based bank guarantees

Raiffeisenbank and Gazprom Neft tested the issuance of digital bank guarantees on the blockchain platform Masterchain.

The guarantee was issued to one of Gazprom Neft’s subsidiaries.

The issuance process took less than 15 minutes instead of the standard 1-3 days, according to company representatives. Among other advantages of using the blockchain platform are transparency of the transaction, security and uninterrupted operation, Gazprom Neft said.

Back in 2018, Raiffeisenbank, together with Gazprom Neft and other major enterprises, issued the first blockchain-based bank guarantee.

Gazprom Neft confirmed that the Masterchain platform met the requirements for working with digital bank guarantees last year.

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