IT news

Rostec introduced a blockchain platform capable of replacing SWIFT

At the CIPR-2022 forum, Rostec presented the CELLS blockchain platform and application solutions developed on its basis, including a system for making payments in international settlements.

CELLS blockchain platform developed byNovosibirsk Institute of Program 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, multicurrency transactions, user identification and storage of digital currency. Blockchain technology, combined with certified cryptographic information protection, provides a high level of IT solution reliability.

"Digital payment system on the blockchain platformcan be used as a complete replacement for SWIFT, providing high speed, security and irrevocable transactions. The system will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of the national financial policy for clearing participants,” said Oleg Yevtushenko, Executive Director of Rostec.

Based on CELLS, a system is also implementeddata storage, 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.

The platform provides up to 100 thousand transactions persecond with the possibility of a multiple increase in performance, as well as the storage and transmission of large multimedia files in a protected 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.

Source: Rostec press release