Russia creates the first blockchain consortium

M.Video (Russia’s largest consumer electronic retailer), Sberbank Factoring and Alfa-Bank have launched an open consortium aimed at the commercial use of blockchain-based technologies in the financial sector. The new platform has already proven itself to be effective. In particular, it has reduced delivery verification from one-two days to just a few seconds through the use of smart contracts (computer algorithms) that verify information about deliveries in real time. Blockchain not only makes processes more efficient, it also greatly reduces the risk of fraud and that of private data being exposed. M.Video plans to continually add new partners and banks into the platform throughout the coming year.