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Russia announces SWIFT blockchain alternative

Russia announces SWIFT blockchain alternative

Rostec State Corporation unveiled a new development based on distributed ledger technology. The CELLS system will enable payments in international settlements and digital currency storage.

According to Rostec State Corporation, the Novosibirsk Institute of Software Systems development is designed to create an ecosystem of software products and services based on distributed ledger technology. The local currency payment system enables international payments, multi-currency transactions, user identification, and digital currency storage.

“The digital payment system on the blockchain platform can be used as a full-fledged SWIFT alternative, providing high speed, security, and irrevocability of transactions. The system will allow the transition to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of national financial policies among clearing participants,” said Oleg Evtushenko, executive director of Rostec.

The system provides up to 100 thousand transactions per second, possibly increasing performance many times over. CELLS is used as a backbone for implementing a data storage system, a platform for creating web applications, a "digital passport" service, a "digital housing and public utilities" system, and other solutions.

Currently, the government is considering using digital currencies in foreign trade activities, given that the largest Russian companies and importers cannot pay for their transactions.

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