Rostec, a Russian technology and manufacturing conglomerate, has announced that has completed the development of a blockchain-based system that will make it possible to process payments internationally and store digital currencies securely. This system is intended to provide a trusted alternative to the SWIFT system, from which many Russian entities have been locked out of as a consequence of the sanctions imposed upon Russia by Western powers after the country invaded its neighbor Ukraine back in February.
The corporation, owned by the Russian state, wants to increase available options through which Russia and the banks operating within the country process payments internationally despite being disconnected from SWIFT. At the moment, the government has been asking its trading partners to use national currencies such as the Chinese yuan and the Russian ruble when making or receiving payments from outside the country. This method was intended to bypass the crippling effects that international sanctions have had upon Russia’s access to its foreign currency reserves.
The system, dubbed CELLS, is touted by Rostec as being reliable and secure, as well as operating at high speed with the transactions being completed on the platform that cannot be revoked. With this system, Russia will be able to protect the sovereignty of its implementation of the nation’s monetary policies, especially on matters of clearing international payments, according to Rostec. It is also going to be possible for Russian exporters as well as importers to transact using cryptocurrencies, such as Bitcoin and Ethereum.
CELLS has initially been designed with the capacity to process approximately 100,000 transactions every second, and this capacity will be stepped up from time to time as the need arises.
The creators of this platform aren’t only looking to make it possible for international payments to be made or received despite the current sanctions. The group also wants to make it possible for data to be stored on the blockchain system while also implementing digital passports. Other functions foreseen in the future include a service allowing entities to design web applications based on blockchain technology, enabling communal services and housing systems hosted on the CELLS backbone technology, among other end uses.
At the moment, it isn’t clear how the world will welcome this payment processing system given that it is owned by the Russian state, which may create trust issues on matters of data protection. However, most innovations often experience resistance or inertia when they are first introduced before taking off as their utility is proven in the field. In this instance, entities such as GreenBox POS (NASDAQ: GBOX) also increase the options available to companies that would like help in designing their own customized blockchain-based systems or applications.
NOTE TO INVESTORS: The latest news and updates relating to GreenBox POS (NASDAQ: GBOX) are available in the company’s newsroom at http://ibn.fm/GBOX
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