Sberbank, one of the largest financial institutions in Russia, has made a breakthrough in the field of digital technologies by implementing the first transaction in the country using a smart contract. This development highlights the growing impact of blockchain technology in the financial services industry and highlights the potential for further innovation in this area. Which blockchain was used, $TON, $ETH or $SOL is unknown.
How smart contracts work
A smart contract, which is based on a computer program, automates the execution of contractual obligations between two or more parties. This ensures autonomy and security in transactions, since the terms of the contract are fulfilled automatically if certain conditions are met. In this case, the bank client initiated the transaction using a transaction from his electronic wallet on the Sberbank blockchain platform.
German Gref, head of Sberbank, emphasizes the importance of blockchain technologies for the future of the banking sector. He foresees rapid growth of the technology in the next ten years, arguing that tokenization and digitalization of resources on blockchain technology could account for up to 10% of global GDP by 2030. This prediction points to significant promise for digital transformation in finance.
Autonomy and safety
Additionally, Sberbank is actively developing its own blockchain solutions. One such solution is the ComUnity DeFi platform, which is open to developers and allows you to create an infrastructure for issuing and circulating digital assets. This platform is integrated with bank services, which makes it possible to link transactions on the platform with payments in rubles, providing convenience and efficiency in processing financial transactions.
This move by Sberbank underscores the bank’s commitment to innovation and its role in the development of Russia’s digital economy. The introduction of smart contracts and blockchain technologies into banking operations opens up new opportunities to improve the efficiency, transparency and security of financial services. As a result, most likely in Russia they will present their analog #RUB on blockchain technologies (digital ruble).
