The largest airline in Russia, S7 Airlines, will start selling air tickets via blockchain developed by Sberbank, a state-owned Russian banking giant, iHodl Russia has learned.
The joint project will allow air ticket sales agents with accounts at Sberbank to make settlements with the airline through smart contracts using tokens tied to real customer accounts.
If you are looking for a crypto trading platform to trade your assets, visit Gozo.pro, a safe and reliable exchange.
Previously, intermediates had to use bank guarantees and advances to register air tickets, and the settlement process itself under the standard procedure with letters, reconciliations and money transfers took 10 days.
The blockchain will reportedly automate this chain and increase the speed up to 20 seconds.
The money from the intermediate's account will be tokenized and transferred to S7 according to the algorithms prescribed in the smart contract. Tokens will be linked to real customer accounts, and Sberbank will be the guarantor of the deal.
The new service will go live this September.
Earlier, iHodl reported that a loan secured by cryptocurrency had been officially issued in Russia for the first time.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The loan was given to a Russian entrepreneur Mikhail Uspensky through the conclusion of an individual bank loan agreement secured by the WAVES tokens with a Russian bank called Expobank.