Russia’s Alfa-Bank Explores Blockchain Technology In Its Services For Freelancers
Russia’s Alfa-Bank Explores Blockchain Technology In Its Services For Freelancers
December 4, 2020
Russia’s Alfa-Bank Explores Blockchain Technology In Its Services For Freelancers
Russia’s Alfa-Bank Explores Blockchain Technology In Its Services For Freelancers
December 4, 2020

Alfa-Bank, a private commercial bank in Russia, is exploring blockchain technology in its services for freelancers.

It has been reported that the bank will use blockchain-based applications to automate services for freelancers and self-employed workers. Its new service covers the entire process of registration and remuneration for self-employed individuals, including payments settlement, income registration, and tax payments, based on Waves Enterprise’s blockchain platform.

Denis Dodon, the Director of Research and Development Center at Alfa-Bank, said:

“DLT and embedded smart contracts with an end-to-end integration into the banking core settlements and clearings system allows to effect automatic formation of payment instructions […] with direct transmission of payment instructions via DLT to cards and bank accounts of self-employed in any bank.”

However, the new service comprises two applications including the enterprise-focused “Alfa.Corporate” and “My Income” platform for individuals.

Igor Kuzmichev, the Chief Commercial Officer at Waves Enterprise, said that Waves Enterprise’s blockchain technology provides a secure data exchange between the bank and a business as well as transparent and immutable data storage.

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He added:

“Thanks to blockchain core features — data transparency and immutability — new bank services can now be developed at customer’ side but not in the core banking system environment. This approach significantly boosts time-to-market and brings new developers into the fintech ecosystem.”

Also, Kuzmichev said that the new service’s target audience includes self-employed workers such as taxi drivers, cleaning and repair services, tutors, and others.

Alfa-Bank has emerged as one of the most blockchain-friendly banks in Russia. 

Thus, in early November 2020, Alfa-Bank became the first Russian bank to join Contour, a DLT platform connecting the world’s financial giants like HSBC, ING, and Citi.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.