Russia’s VTB Banking Group has patented technology that enables the development of multi-issuer settlement and payment systems based on blockchain.

The technology is expected to help the bank create digital products, services and payment tools, and streamline mutual settlements between participants; and the number of such participants in the system may be virtually unlimited, VTB said. In future, the technology will be made available not only to individuals but also to legal entities, including other banks.

The patented technology was modeled on tools for blockchain-based P2P money transfers. Transactions will be denominated in the Russian ruble, VTB emphasized; no use of cryptocurrencies is envisioned.

The government-owned bank underscored that in the Russian market, measures to protect intellectual property in the field of financial and related technologies are still in their infancy.