Rostec has introduced a blockchain platform capable of replacing SWIFT

Rostec 02 June 2022 17:50

The RT-Techpriemka company of Rostec State Corporation at the CIPR-2022 forum presented the industrial blockchain platform CELLS and application solutions developed on its basis, including a system for making payments in international settlements.

The CELLS blockchain platform, developed by the Novosibirsk Institute of Software Systems (NIPS), is designed to create an ecosystem of software products and services based on distributed registry technology. One of the central elements of the platform has become a digital system for making payments in national currencies, which can provide a real alternative to SWIFT in international settlements. The multifunctional system provides international payments, multi-currency transactions, user identification and digital currency storage. Blockchain technology in combination with certified means of cryptographic protection of information provides a high level of reliability of the IT solution.

"The digital payment system on the blockchain platform can be used as a full-fledged replacement for SWIFT, providing high speed, security and irrevocability of transactions. The system will allow switching to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of national financial policy for clearing participants," said Oleg Yevtushenko, Rostec Executive Director.

On the basis of CELLS, a data storage system, a blockchain platform for creating web applications protected from hacking and DDOS attacks, a digital passport service, a digital housing and communal services system and other solutions are also implemented.

The platform provides up to 100 thousand transactions per second with the possibility of multiple performance increases, as well as storage and transmission of large multimedia files in a secure format in accordance with the legislative requirements of the Russian Federation.

Potential consumers of the solution are independent software developers, system integrators, large companies, as well as authorities, financial institutions and banks.

Please note that this press release is based on materials provided by the company. AK&M Information Agency shall not be held liable for its contents, nor for the legal and other consequences of its publication.