VEB has carried out a smart contract on the Ethereum blockchain

The Fund «VEB Innovations», which was established by Vnesheconombank to invest in high-tech projects, has concluded the first smart contract on an electronic platform B2B-Center is a Russian it company that develops software for corporate purchases and sales. The customer and potential suppliers recorded their actions on the blockchain-Ethereum platform.

«We have successfully conducted a pilot procurement technology-the blockchain – said senior Vice-President of Vnesheconombank Gleb young. – At the next stage we plan to create own system of calculations on the basis of cryptocurrency. Our experience will become a new milestone in the evolution of public and corporate procurement in Russia. Smart contracts will remove the most acute problems in the industry: facilitate participation in procurement, reduce transaction costs and will allow you to control the quality of execution of contracts».

Use the Ethereum platform, the underlying Protocol for the service binding smart contracts allows you to move to settlements in the account via e-wallets. This allows you to monitor the flow of funds, because each token is tied to the performance of the particular contract.

«During the actual purchase we have shown the future of corporate e-Commerce – said the commercial Director of B2B-Center Andrey Boyko. – Ecosystem-based blockchain and electronic platforms eliminate financial intermediaries.»

In his opinion, in corporate procurement for this model has fewer constraints, so it will be interesting primarily for large customers such as Vnesheconombank.

«Smart contracts reduce the cost of corporate engagement with suppliers and increase the effectiveness of spending budgets,» he concluded.

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