Sberbank organized the issue of MTS bonds on the blockchain
Bonds on blockchain, World banks issues millions worth bonds in Blockchain
To organize the whole process, four open source smart contracts were used, and the fifth one will pay off in six months.
The total amount of the issue of securities amounted to 750 million rubles, but its main task was not to attract investments, but to scale up the technology for further application after the formation of the legislative base. NSD spokesman said that using smart contracts can reduce technology costs by 10%.
The partners were able to successfully implement a complete DVP settlement model on the blockchain, which ensures the simultaneous movement of bonds and cash. The list of participants is dynamically changed, confidentiality is ensured and access is open for all parties to the transaction (issuer, investor and NSD). The parties can perform the necessary operations online and exchange documents. At the same time, the whole process is decentralized, transparent and protected by cryptography..
MTS told BitCryptoNews that they installed the software on their own and did not experience any particular difficulties, since no significant software modifications were required. Andrey Kamensky, vice president of finance, investments, mergers and acquisitions of MTS, said that the company plans to use blockchain in the future to increase trust between participants and reduce transaction costs.
Recall that the industrial sector received more than 400 million rubles from Igor Chaika.
text: Ivan Malichenko, photo: Shutterstock