Russia has completed a first government-level blockchain implementation, the state-run, Sberbank reported. The implementation has been done between the Sberbank and the Federal Antimonopoly Service (FAS) on the transfer of documents using the blockchain technology. This programme will help to enhance the speed, reliability and quality of document interchange.
This is the first official move by Russia on the wider application of blockchain technology. Sberbank has successfully transferred and stored the documents in an encrypted form using the blockchain technology.
Andrey Tsarikovskiy, the statе secretary and deputy head of FAS, “Our country is opening up new possibilities for the economy through the use of advanced knowledge and technology. Making the system launch a reality means we are not only one of the first actual users of Blockchain for government in the world, but also [are pioneering its use] as a practical tool for further growth.”
Sberbank Digital MD, Stepan Kuznetsov said, “In the decision with the FAS Russia there are a number of innovations that, through the use of blocking technology, allow us to abandon the use of intermediary services – the workflow operators, guarantee access to information only from the end users and ensure a reduction in costs. This project is our common contribution to the development of the digital economy of the country, which we are carrying out jointly with the state and the business community.”
The government has shown a keen interest in the wider application of this blockchain technology and believes that the global economy will change largely due to its implementation in the next 10 years. However, Russian authorities are not very much comfortable with the use of cryptocurrency in the country and its use by regular citizens are monitored regularly.