Largest Russian bank starts to use blockchain

Sberbank implemented the first Russian payment transaction using blockchain technology
29 November 2017   467

Sberbank has become the organizer of a pilot payment blockchain transaction using the IBM Blockchain platform based on HyperLedger Fabric. The organization of the technical process for executing the transfer of funds from the payer to the recipient was taken over by Sberbank CIB. In the IT infrastructure of the Bank, a kind of Internet bank was created on the blockchain, consisting of a service for determining a single transaction order and a certifying network center.

Unlike the traditional system of transfers, the reflection of an operation on the beneficiary's account after it is sent is practically in real time.


Stella Kudachkina

managing director of Sberbank CIB

The nodes of the blockchain-network were on the side of Sberbank and Alfa Bank, which is a partner of the project. The transaction was initiated through a client web application. The blockchain technology ensured a high speed of execution of the transfer between the participants. The ability to conduct blockchain transactions in an ordinary Internet bank will appear when the service of blockchain transactions is legally established and will be implemented for customers.

Previously, Sberbank became the first Russian participant of the Enterprise Ethereum Alliance.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   133

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.