Stability needed on blockchain platform – Russian Official

russia rabik blockchain

Alexei Kozyrev, the Vice-Minister of the Russian Ministry for Telecom and Mass Communications has stated that a system that would help solve the problem of long-term storage and protection of documents and forms of identification in order, should be in place, for Blockchain technology to be adopted at the government level. To meet these requirements, he added that the system should be “unified and universal”.

Explaining his position, Kozyrev said that, “The existing solutions in Blockchain from an organizational point of view are very, very unstable.” Citing data from Tokendata, he went further to say that more than 50 percent of Blockchain platforms created have already gone bankrupt or disappeared. In his words,

[perfectpullquote align=”left” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]If we’re talking about how the government will adopt Blockchain, then obviously we cannot count on platforms which were created by commercial organizations because these platforms are very, very unreliable. In this way, we understand, that we need to create our own platform for Blockchain technology.[/perfectpullquote]

The Russian government has shown consistent interest in advancing the development of Blockchain technology in the country. They had even begun using Blockchain to improve its local voting systems and improve transparency in its ‘Active Citizen’ project.

Blockchain technology, which enables immutable, peer-to-peer digital transfers like the bitcoin functions, is gaining interest around the world. The technology runs as a computer code and allows parties to transact financially across borders, without the need for a bank as a third party.

Potential

Its potential lies beyond finances, it has great insignificance to the technology world. It provides new approaches to managing data. This ensures that so applications are developed as pilot projects in both the private and public sectors, as it will bolster cybersecurity. It also has the potential of securing global supply chains and authenticating personal identities.

In October 2017, the state-run project-financing bank Vneshekonombank (VEB), launched the country’s first blockchain competence center in Moscow, which aimed at financing several pilot projects that would eventually prove the usefulness of blockchain for government agencies and the public sector. VEB also signed an agreement with Ethereum Foundation on the use of the technology for its projects.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.