Blockchain platform of Alfa-Bank and S7 Airlines completed transactions for 254 million rubles

Blockchain platform of Alfa-Bank and S7 Airlines completed transactions for 254 million rubles

S7 will sell tickets through Sberbanks blockchain platform

Description video:
Russian airline S7 Airlines launches an application on the Sberbank blockchain platform for sale air tickets to corporate clients for tokens. The publication Kommersant informs that the S7 application The full functionality of the application will belaunched in September.
Blockchain platform of Alfa-Bank and S7 Airlines completed transactions for 254 million rubles

Blockchain platform of Alfa-Bank and S7 Airlines completed transactions for 254 million rubles

Since the beginning of 2019, an innovative blockchain platform designed to automate and simplify calculations for S7 Airlines, as well as to speed up document flow, has processed transactions worth over RUB 254 million. The monthly volume of transactions in July amounted to about $ 1 million.

At the moment there are no analogues to this product in the Russian aviation market..  The platform has been operating since 2017 and was jointly developed by Alfa-Bank and S7 Airlines.

According to forecasts of analysts of Alfa-Bank, the platform’s annual turnover in several years can reach 300 billion rubles, thanks to B2B payments for goods and services of the tourism segment.

 «The high performance of our project with S7 Airlines shows that blockchain technology creates value and is in many ways decisive for the B2B settlement market.

Blockchain platform of Alfa-Bank and S7 Airlines made transactions for 254 million rubles

Agents have moved away from guarantees and deposits, reduced transaction costs and can settle 24/7. We see great potential for using smart contracts and external business logic in settlements and workflow in various sectors of the economy. Alfa-Bank will continue to develop this direction together with S7 Airlines», — said Pavel Ryazanov, director of the transaction business of Alfa-Bank.

«Thanks to the new technology, it became easier for agents to work with the airline directly, which allowed us to expand our own S7 Airlines sales network. During this year, it is planned to connect the first online agents working according to the NDC standard to the platform», — said the sales director of S7 Group Ekaterina Dmitruk.