A Russian subsidiary of Austrian banking firm Raiffeisen Bank International (RBI) has come up with a Blockchain Platform for Automating Settlements. This information sources back to the official press release from the bank. It will provide a trusted network of data sharing between two firms. It will automate the supply chain between the buyer and the supplier. Along with that, it will also provide tools for financial management.

A major sleep products manufacturer Askona Life Group from the locality had requested Raiffeisenbank to develop this blockchain system. However, other firms(clients of the bank) can also use the platform. Investment Manager of Askona Group says that the new blockchain system can reduce the labor cost by 40%. Also, it will eradicate the possibility of human error risks.

Banks are adapting to blockchain technology in various regions of the world. Recently, the Mashreq Bank in UAE launched blockchain mortgage platform. Also, the Shinhan Bank of South Korea has come up with a blockchain loan system. We can hope this growth and adaption of blockchain continues across regions.