A Blockchain based Bank Guarantee has been issued by Priorbank of Belarus after a partnership between the Russian subsidiary of the Raiffeisen Bank and Gazprom Neft, the state-owned oil company.

The partnership was inked to facilitate the finance trade involving four parties: Raiffeisen Bank, Gazprom, Mozyr Oil Refinery, a Belarusian firm and the Priorbank of Belarus. While Raiffeisen Bank was designated as the advising bank for Gazprom, the blockchain based bank guarantee was issued by Priorbank. Reportedly, the issuing of bank guarantee was done on the blockchain platform R-Chain which was developed by Raiffeisen Bank in 2017.

Tatyana Ivashkova, Head of Documentary Transactions and Trade Finance at Raiffeisen Russia confirmed that all the four parties were now connected through a single platform, unlike former systems which took a very long processing time. A blockchain platform would also allow access of the document simultaneously by all parties providing a time-effective option.