Bitcoin Newsroom Articles
PJSC Siberia Airlines, commonly known under its operative name of S7 airlines has
executed the first of its kind service payment using Ethereum blockchain smart-
The announcement reveals that the agreement took place between the airlines and a
counterpart using a letter of credit, through Alfa-
Services giant Deloitte acted as the advisory consultant to the airline on blockchain technology, whilst providing legal support to the project.
With the deal, smart contracts helped record the bank’s actions of opening and executing the letter of credit on a blockchain.
In providing a conclusive statement, Artem Tolkachev, director of legal services for tech products at Deloitte said:
Legally, this transaction meets all the requirements for a letter of credit as a form of bank settlement, and demonstrates the potential of smart contract application in the framework of Russian legislation.
The Blockchain Service Payment
The bank specifically provided members of the deal with an electronic “Alfa-
S7 airlines deems the opening and the utilization of the letter of credit as the two main facets of the deal.
“A blockchain record includes a hash (result of encryption) of the following information: deal identifiers (Taxpayer Identification Numbers (INN) of the customer and the contractor and type of works) and commercial terms (value of the letter of credit, date of opening and closing of the letter of credit),” the announcement explains further.
The airline group’s deputy director general Dmitry Kudelkin added:
By conducting the deal, we have tested efficiency of smart-
Meanwhile, Alfa Bank is among several prominent Russian financial institutions that
have already engaged in an Ethereum-