Russia’s industrial giant Rostec announces blockchain-based alternative to SWIFT

06/05 00:06

Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks.Rostec Employs Distributed Ledger Technology to Substitute SWIFTRussian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT. According to Rostec Executive Director Oleg Yevtushenko, “a digital payment system based on a blockchain platform can be used as a full-fledged replacement of SWIFT, providing high speed, secure and irrevocable transactions.”

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