Rostelecom Secures Digital Guarantee on Masterchain Blockchain Platform

AK Bars Bank issued in favour of Rostelecom a digital banking guarantee based on the Russian blockchain platform Masterchain. This was reported by the bank’s press service.

According to the parties to the deal, storing data in a distributed ledger eliminates the risks of fraud with bank guarantees — forging or losing the document in a closed blockchain network is practically impossible.

“Issuing a digital bank guarantee in favour of Rostelecom ensured the execution of the state contract under 223-FZ (‘On Procurements by Certain Types of Legal Entities’),” said Olga Yasonova, head of the corporate business unit at AK Bars Bank.

In her view, blockchain speeds up the beneficiary’s receipt of guarantees and simplifies their verification procedures, reducing paperwork.

“Corporate clients will not spend time and resources on requests to banks to confirm the authenticity of issued guarantees. The verification process runs automatically, and the guarantee cycle can be managed electronically,” added the parties to the deal.

In October 2019, the Masterchain blockchain platform received a certificate from the FSB of Russia attesting to the use of Russian cryptography standards and compliance with information security requirements.

In September 2021, the Russian government approved its use for data exchange within digital mortgage experiment.

In November 2021, Masterchain, together with VTB Factoring and the unified factoring platform GetFinance announced plans to issue digital financial assets and to form digital portfolios of liabilities using them.

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