The largest commercial bank in Russia is developing a new digital cash service where all transactions will be transmitted and cleared via the blockchain
The service will be developed by Alfa Bank in partnership with HashCash, a private, permisionless digital cash system, will see the latter create a clearing house and payment router enabling all transfers to Alfa bank to take place on its open source blockchain platform HC Net.
According to HashCash Consultants managing director Raj Chowdhury, the initiative creates „a clearing house solution that combines the liquidity efficiency of a netting system and the intra-day finality of a real-time gross settlement system”.
The project is not Alfa Bank’s first blockchain-based venture, following its work with fellow Russian bank Sberbank on the country’s first blockchain payment and a collaboration with a local airline for blockchain-based ticket sales.
Source: finextra.com
Dariusz Mazurkiewicz – CEO at BLIK Polish Payment Standard
Banking 4.0 – „how was the experience for you”
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