Smart contracts will allow the Central Bank of Russia to reduce costs by 20%

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The Central Bank intends to apply a few of the innovations based on technology of block networks for calculations, which will reduce the cost of financial organizations by 20%.

Now for the participants of trade operations will be available for digital letters of credit, and smart contracts, which will increase the speed of transactions and reduce expenditure banking institutions for their implementation. Savings can reach 20%.

Innovation will be available for wide use, beginning next year.

The launch is scheduled for next year

The use of digital credits will give the chance to reduce considerably time of implementation of the financial transactions more than doubled, and reduce associated costs. To date, the only validation of transaction documents takes about 5 days and is very costly for banks.

At the initial stage of virtual credits will be available later this year on the blockchain the platform “Mastercam”, and the next technology will come to a wider circle of users.

In addition, the Central Bank of Russia decided to create its own System for transmitting financial messages (SPFS), built on the blockchain, similar to SWIFT in 2019. This will increase the degree of protection SPFS and conducted her transactions with the attempted break-in by hackers.

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