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Russian banks make first test transaction on blockchain prototype ‘Masterchain'

The Central Bank of Russia has announced that along with the market participants, it has developed a technical prototype for financial messaging, based on the distributed ledger technology (DLT).

The announcement follows the signing of a mutual memorandum in July by QIWI, BINBANK, MDM Bank, Otkritie Bank, Tinkoff Bank and Accenture, for a blockchain consortium created by the CBR.

Called ‘Masterchain’, the prototype is a networking tool for the market participants using the DLT, which allows prompt confirmation of data actuality with respect to a customer and a transaction as well as fast creation of various financial opportunities for the market participants to provide game-changing products and services to their customers. In addition, the Masterchain enhances communication speed between the counterparties and assures required confidence in financial transactions.

“The creation of prototypes and joint inquiry of applicabilities help both the regulator, and the market participants understand outcomes, estimate capacities, mitigate the risks of using different technologies, and decide on follow-up actions. This is a good groundwork for onward progress. We would suggest that the Masterchain will be under way under the auspices of Consortium for fintech development being launched by the Bank of Russia. We are planning to consider the use of the Masterchain prototype as a component of the new-generation financial infrastructure in the future”, Olga Skorobogatova, Deputy Governor of the Bank of Russia, said.

The biggest banks of Russia have made the first test transactions on the Masterchain. The prototype, based on Ethereum technology, allowed developing a platform for financial market participants, on the basis of which new services can be created. Major financial institutions were involved in developing the platform including Qiwi, Sberbank, Alfa Bank , and Tinkoff Bank, among others and the work was coordinated by the CBR.

"Masterchain, as an ecosystem, will bring together the banking community to study blockchain technology, allowing you to connect and create intelligent contracts in a single environment for the participants of the financial market", said Director of Qiwi Alexei Arkhipov (roughly translated).

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