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Russia’s Industrial Giant Rostec Announces Blockchain-Based Alternative to SWIFT

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.

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.” Quoted by RBC Crypto, he added that CELLS will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions, and ensure the independence of Russia’s national financial policy when it comes to clearing.

The system will be expected to process up to 100,000 transactions per second with the option to increase its capacity in the future. Based on CELLS, a data storage system, a platform for creating web applications, a “digital passport” service, a “digital housing and communal services” system, and other solutions will be implemented, the creators promise.

Do you think Russia will be able to successfully substitute SWIFT with CELLS in its international trade relations? Share your thoughts on the subject in the comments section below.


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