Alfa-Bank, S7 to launch project on flight ticket sales based on Ethereum blockchain - FinanceFeeds

Alfa-Bank, S7 to launch project on flight ticket sales based on Ethereum blockchain

Russian airlines continue to push into the world of blockchain, as S7 teams up with Alfa-Bank on Ethereum payments for flight tickets.

Russian businesses keep demonstrating their flair for blockchain technologies, with Alfa-Bank and airline S7 teaming up on a project that will allow selling of flight tickets based on the Ethereum blockchain.

The bank, which also has a licensed Forex dealer in Russia, told the “Kommersant” newspaper that the project is set to start on Monday. According to the bank, one of the key advantages of such a move is the fast processing of payments.

The announcement on the new blockchain collaboration of Alfa-Bank and S7 comes after earlier this month Russia’s main airline – Aeroflot-Rossiyskiye Avialinii PAO (MCX:AFLT), published a procurement notice for proposals for the implementation of crypto-currencies and related technologies in its operations.

The offer, labelled “Modeling of the development of the crypto currency market in the Russian Federation and its influence on payments for Aeroflot’s air transportation services”, is valued at RUB24,588,403.

Aeroflot seeks to examine the possible application of crypto-currencies and associated technologies, like Blockchain, in its operations. In particular, the airline is interested in using crypto-currencies for payments and wants detailed analysis of the demand for such services, as well as models of expenses and risks associated with the adoption of such currencies and the technological systems that accompany them.

The work on the projects should be completed by December 10, 2017.

Other business segments that have increasingly adopted blockchain-based solutions in Russia include payment services provision. In March this year, it was reported that Qiwi PLC (NASDAQ:QIWI) had set up a subsidiary called Qiwi Blockchain Technologies (QBT) for developing products based on the blockchain technology. In May, Qiwi closed the purchase of InspiRussia, a Tatarstan-based company whose focus is also on blockchain-based solutions.

In the meantime, Russian authorities are still working on their stance on blockchain regulation and crypto currencies. The Russian central bank is said to be working on the development of a national virtual currency. In the face of these reports, there has been no particular piece of legislation concerning crypto currencies and blockchain in Russia.

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