Alfa-Bank together with X5 Retail Group (owns Pyaterochka, Carousel and Perekrestok networks) launched a blockchain- based business platform. How will this help Russian companies and retail in particular?
Blockchain goes to Pyaterochka and Crossroads
The platform is called Distributed Treasury and Cash Management. It is built on the basis of the Russian development Waves Enterprise and combines smart contracts, a distributed registry, open APIs and banking services.
Its main advantages are that the platform itself can adapt to the needs of customers. Traditional solutions in this area are not particularly flexible, which is why businesses have to adapt to standard action templates. This is inconvenient and costly, and also loads the bank itself.
DTCM is a much more personalized tool, and its customization is entrusted to the users themselves. In fact, customers can create for themselves their own bank, which fully meets their requirements. Moreover, blockchain technology and smart contracts make the process of interacting with the bank simple and extremely reliable, which reduces time and costs.
Blockchain as a second wind for retail
Large retail chains in Russia do not live as rosy as one might think. Shops that we see on every corner can close in a short time, and new players will come in their place. For this reason, market leaders are trying their best to stay afloat, and X5 understands all the benefits of blockchain in this matter.
The chief financial officer of the company, Svetlana Demyashkevich, said that the joint project with Alfa-Bank is only the beginning. At the moment, the technology will be involved in data management, which will significantly increase the reliability of processes and reduce costs. In the future, the company intends to modernize its payment system using the blockchain, as well as introduce it into other significant areas of the business.
The potential role of blockchain in retail is huge. Payments, supply chains, accounting, product base – all this can be improved with the help of new technology. As a result, a business can save millions on the costs inherent in less advanced systems. Given that the X5 is starting to implement the technology now, it gains a significant competitive advantage.
Publication date 10/06/2019
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