Russian Sberbank made its first deal with Singapore-based company Trafigura using blockchain technology. This was announced by the First Deputy Chairman of the Board of Sberbank Alexander Vedyakhin in the framework of the Eastern Economic Forum.

“We made the first transaction through the blockchain with Trafigura, the leader in the international commodity market, and we plan to develop this technology in the future,” Vedyakhin said in a conversation with TASS.

He noted that the use of distributed registry technology during the transaction allowed to reduce operational risks, the period for approval of documents and time spent on the transaction.

“In our pilot, the blockchain captures every step of the transaction … As a result, the process is reduced from one day to an hour. I believe that such transactions using blockchain technology are an ideal solution for a business that makes transactions with a large number of participants, ” Vedyakhin added.

Recall that Sberbank has long shown an increased interest in distributed registry technology. So, back in 2017, the bank completed the first payment transaction in Russia using blockchain technology, and in 2018 it concluded the first over-the-counter repo transaction on the blockchain.

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