Russian airline S7 Airlines launches an application on the Sberbank blockchain platform for selling air tickets to corporate clients for tokens.
Kommersant reports that the S7 application was the first on the Sberbank platform that allows counterparties to pay with the company. Thanks to the use of blockchain, smart contracts and tokens, the process of buying air tickets for companies is reduced from a few days to a few seconds.
The full functionality of the app will be launched in September. If earlier corporate users needed Bank guarantees, advance payments and paper contracts to buy air tickets, now the process will be much faster. Companies will not need to freeze money in Bank accounts and make payments after the service is rendered, but do it immediately.
“The platform allows any companies to develop their own blockchain applications and create smart contracts,” said Anatoly Popov, Deputy Chairman of the Sberbank management Board.
When purchasing tickets, the buyer’s money will be tokenized and transferred to the airline. At the same time, Sberbank will act as a guarantor of the availability of the required amount on the client’s settlement account. Token wallets will be linked to real customer accounts.
Recall that S7 Airlines has been working with blockchain for quite a long time. Back in 2017, together with Alfa-Bank, the airline launched its own platform on the blockchain, and a little later it started selling air tickets. However, no tokens were previously used in transactions.