Russian state-owned company Rostec says one of its subsidiaries has developed a blockchain-based international transfer system which it describes as “a real alternative to SWIFT in international settlements.” Rostec has more than 700 operating subsidiaries, most of which are in the defense sector.
The CELLS blockchain platform was developed by the Novosibirsk Institute of Program Systems (NIPS) and supports multicurrency payments, digital currency and identity. It’s claimed the platform can process more than 100,000 transactions per second.
“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.”
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