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Russian RosEvroBank develops blockchain prototype to create remote customer identification

RosEvroBank, a privately-owned Russian bank, announced that it has developed a prototype on remote customer identification system that is based on blockchain technology from Microsoft.

The prototype system intends to dramatically change the market distribution of banking services. It will also change on how open-bank customers access to products and services of third-party banks that are participating in the inter-bank consortium without the need for a personal visit for identification. The solutions are based on cloud platform Azure Blockchain-as-a-Service (BaaS) from Microsoft (loosely translated).

“We are working on a solution - the first step towards the formation of an alternative of a decentralized system of inter-bank data exchange, based on innovative technologies. Such a system will have all the benefits of blockchain technology including efficiency, transparency, resiliency and security. In order to implement the pilot project, we have already invited other banks interested in the joint tests,” Alexander Vasiliev, Deputy Director of the Department of IT innovation for RosEvroBank, stated (loosely translated).

The prototype system created by RosEvroBank will enable customers to remotely identify other credit organizations. The decentralized system will allow customers to use the services and products of other banks without the need to visit offices. With the initiative, the user gets access to a wide range of banking services through a single login window.

The pilot is implemented on the basis of Ethereum blockchain platform and is deployed using the Ethereum Blockchain Consortium infrastructure from Microsoft. This topology is suitable for developing solutions for the various consortia, including banking, and is part of the Azure Blockchain-as-a-Service.

The pilot testing will be conducted in the first quarter of the year 2017 after which, the bank has planned to introduce the system into commercial operation.

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