Sberbank Subsidiary Launches Cornerstone, a Blockchain Service for Protected Transactions

News and Analysis

Delovaya Sreda (“Business Environment”), a subsidiary of Sberbank of Russia, has launched Cornerstone, a free service for execution of protected transactions using blockchain technology.

The company’s representatives noted that Cornerstone, apart from being totally free of charge, is also capable of dealing with micro and macro transactions while keeping them 100% secure.

“The bank’s interest is that banks may offer their services for turnover, transactions insurance, and crediting their corporate parties,” the company’s representative told Rusbase.

According to the developers, Cornerstone has been created using Ethereum smart contracts as well as Dash and Lightning Network technologies. The service has already run a test transaction between Trademarket, a Russia-based company, and Hangzhou Xiaoshan Tianyu Machinery (China).

“Delovaya Sreda is currently negotiating wider application of the technology and adding supplementary services therein with several interested businesses,” the company noted.

Delovaya Sreda first announced a transaction on the blockchain-based platform this September. No details of the transaction were disclosed back then.

Earlier this month Sberbank has joined forces with the Federal Antimonopoly Service to launch Digital Ecosystem, a project aimed at transferring and storing documents in encrypted form using a digital signature.

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