Giant Industry of Russia Rostec Announces Blockchain-Based Alternative to SWIFT

Rostec employs distributed ledger technology to replace SWIFT

Rostec Announces Blockchain-Based Alternative: Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and digital currency storage. CELLS is intended as an alternative to the global payment messaging system SWIFT, resulting in the disconnection of several Russian banking institutions as part of Western sanctions.

Rostec Announces Blockchain-Based Alternative

As a result of the invasion of Ukraine, Russia has been cut off from global finance, foreign currency reserves, and traditional payment channels. The government in Moscow is seeking to convert payments into national currencies such as the ruble and the yuan in its business dealings and is also considering the possibility of using cryptocurrencies for international settlements. That said, Russia’s biggest companies and importers are having difficulties with their US dollar payments.

 

CELLS is a product of the NIPS(Novosibirsk Institute of Program Systems). Its designers want to create a complete ecosystem of distributed ledger technology (DLT) -based software products and services that enable international payments, multicurrency transactions, user identification, and digital currency storage, and reporting details.

 

The system is expected to process 100,000 transactions per second with the option to increase its capacity in the future. Based on CELLS, the data storage system, the web application creation platform, the “digital passport” service, the “digital residential and community services” system, and other solutions are implemented, the creators promise.

 

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Tags In this post, 

Banking, banks, foreign trade, international payments, Blockchain, blockchain technology, CELLS, Crypto, Cryptocurrencies, Cryptocurrency, Payments, platform, Digital Currency, Distributed Ledger, DLT,  international settlements, messaging system, national currencies,  Rostec, Russia, Russian, Sanctions, Settlements, Swift, system, trade

 

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