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23 September 2019

Russia's Largest Bank Buys $15 Million in Debt Using Hyperledger Blockchain

Russia's Largest Bank Buys $15 Million in Debt Using Hyperledger Blockchain


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Sberbank, the largest bank in Russia, has bought about $15 million worth of accounts receivable from the Singapore-based commodity trading giant Trafigura using a blockchain.

The pilot demonstrated the progress made by the blockchain tech in general and its value for the global business use cases, Sberbank said.

“What we see in 2019, and in this pilot in particular, is an ongoing evolution of this tech, from a promising but not yet developed technology into a more advanced and mature solution ready to live up to its initial disruptive image,” the bank’s spokesperson said, adding that Sberbank and Trafigura are considering expanding the use of blockchain in global trade finance.

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