Sberbank & S7 Airlines to Rollout Blockchain Based Digital Token Supporting Flight Ticket Sales Platform
Sberbank, the largest Russian government owned bank, has partnered with a top domestic airline enterprise to rollout a blockchain powered ticket sale system.
Sberbank is supposedly partnering with S7 Airlines on a fresh ticket sales platform that will facilitate enterprise level customer to perform real-time settlement via smart contracts and tokens.
The aforementioned platform is intended to be unveiled in September 2020. Notably, for the first time, digital tokens will be used as a mode of payment and settlement in Russia.
The latest system is only aimed at corporate customers in the present stage of advancement. The blockchain based platform will slash settlement time to 20 seconds, from 10 days earlier.
As per Kommersant, the latest ticket sales system utilizes a custom built blockchain system that facilitates enterprises to build their native blockchain apps and also deploy smart contracts. Kommersant has reported that S7 Airlines had already hosted its blockchain powered ticketing app on the Sberbank system.
There is no clarity as to how precisely tokenization can be realized under this latest initiative. Sberbank will supposedly function as the owner of the tokenization platform, which will “tokenize money” from the account of an enterprise client, utilizing smart contracts. The tokens will be associated with “real accounts of clients” an executive at S7 Airlines mentioned.
Both Sberbank and S7 Airlines have been involved in blockchain advancement over the past few years. Back in 2017, S7 Airlines, Russia’s top airline company and a member of the worldwide aviation alliance Oneworld, implemented the first ever blockchain technology based ticket buying facility in partnership with Alfa-Bank, Russia’s biggest private bank. As of July 2019, the platform had processed payments worth over $1 million.
Earlier this month, there were reports that Sberbank is looking at the option of rolling out its own stablecoin pegged to the Russian ruble in 1:1 ratio.