Russian retail banking company VEB announced that it will be presenting a blockchain-based prototype of a technical solution during ongoing SPIEF’17 (St. Petersburg International Economic Forum) that will conclude on 3rd June, 2017.

The SPIEF is one of the premium events in the world of business and economics. This year, the event partners include Sberbank, VTB, Rosseti, Mercedes Benz, Aeroflot, among others.

“We are working hard to introduce blockchain technology both at the government level, participating in the development of the Digital Economy program, and bank-internally through financial funding transactions and investment projects management. The first prototype of the technological solution is already in operation, enabling the conclusion of transactions with borrowers in digital format,” Sergey Gorkov, VEB Chairman, said.

The bank’s investment projects involve scores of organizations, contracts and support documents worth billions of rubles. The bank thought that blockchain is required for digitizing these relations and making the operations fast and transparent.

“We are introducing the new investment process and automated services of interaction with customers. The blockchain-based technological solution, which we are testing now, may become one of the elements of this system,” Gorkov added.