Russian Banks Test Blockchain-Based Service for Customer Data Exchange

News and Analysis

Russia’s biggest banks have run a series of test transactions using an Ethereum-based blockchain prototype developed by Cinimex.

The platform was developed under the auspices of the Bank of Russia with the participation from Alpha Bank, Bank Otkrytie, Tinkoff Bank and QIWI, among others. It allows for further creation of new products and services.

“Masterchain ecosystem will unite the banks in blockchain research by allowing them to connect and create smart contracts within a unified environment for all financial market players,” said Alexei Arkhipov, Director for Cryptotechnologies at QIWI.

According to Alexei Blagirev, Director of Innovations at Otkrytie Bank, the prototype is a new interaction method for banks. It allows them to receive timely information and collate customer data.

“All data is stored encrypted in the blockchain. One may access them with a special key. Thus, customer data never leave the banking contour,” said Alexander Onischenko, Director for Business Development at Cinimex.

The masterchain is expected to be developed within the Fintech Research Consortium created upon the Central Bank’s initiative. In future, the masterchain could become a part of the next generation financial infrastructure.

“The first transaction within the blockchain infrastructure confirms the potential of the masterchain technology and its applicability in inter-bank relations,” Tinkoff Bank’s VP for IT Vyacheslav Tsyganov commented.

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