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

Maria Nikolova

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.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<