January 21 marked another milestone in the blockchain history of Belarus, an Eastern-European country that’s been pioneering legislative and regulatory aspects of blockchain since 2017.
BelInvestBank, the seventh largest Belarusian bank in assets, reported the issue of the first ever banker’s guarantee on blockchain in the country on January 21. The guarantee was issued in favor of non-banking financial institution “Single Settlement and Information Space,” known as ERIP, while the deal involved three other local banking institutions – Moskva-Minsk Bank and VTB Bank as the principals, and BTA Bank as the other guarantor.
The technological foundation for the transaction is complex and consists of a few national-scale systems: the digital Register of Banker’s Guarantees integrated with a blockchain, and the System of Open Cooperation. The blockchain was developed by the Center of Banking Technologies, the open joint-stock company founded back in 1997 to develop digital solutions specifically for Belarusian banking and financial institutions.
The technology that made this transaction possible is said to bring multiple benefits to the domain. According to the official release, “the technology allows to issue banker’s guarantees, monitor their statuses in real time, reduce the working time needed to carry out such a transaction, simplify document exchange as well as speed up all the processes related to issuing and monitoring of guarantees.”
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