Sberbank connects to Waves Enterprise blockchain for mutual settlements

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Sberbank has successfully tested the interaction of its corporate platform based on the Hyperledger Fabric blockchain with the Waves Enterprise platform.

Thanks to the integration mechanism implemented on the Sberbank platform, users of external networks can access digital assets, as well as use smart contracts and external network applications to settle with these assets. During testing, several pilot transactions were successfully carried out using smart contracts. With their help, coins were transferred from the Sberbank platform to the Waves Enterprise network. Transactions were made between different owners, and then the coins were sent back to the Sberbank platform.

Now the interaction of these two platforms depends on a special gateway, but next year it is planned to introduce mechanisms that will allow the systems to interact directly with each other. The Gravity protocol and the Hyperledger Cactus framework are considered as alternative solutions. The management of Sberbank announced that successfully completed transactions on the platforms of Sberbank and Waves Enterprise proved the possibility of settlements between companies using different blockchains.

Igor Kuzmichev, Chief Commercial Officer of Waves Enterprise, said that both government customers and private companies can use Waves Enterprise systems. Therefore, the connection of financial instruments of one of the largest Russian banks will significantly expand the possibilities of mutual settlements using digital assets and electronic means of payment. In addition, it will ensure the interoperability of different blockchain solutions in the financial sector.

Sergei Popov, Director of the Transaction Business Department of Sberbank, said that this opens up new prospects for the bank’s clients and all participants in the blockchain industry. In 2021, after the entry into force of the law “On digital financial assets (DFA) and digital currency”, companies will be able to conduct settlements with each other using smart contracts. In addition, after the entry into force of the law on the CFA, Sberbank plans to officially launch its own stablecoin Sbercoin, pegged to the Russian ruble.

Recall that last year Sberbank received a patent for a system for automatic execution of REPO transactions using the blockchain.

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