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Central Bank of Russia is ready to implement blockchain technology

The Central Bank of Russia has taken the first step to implement blockchain technology in Russia.

The regulator has announced the launch of “Masterchain”, which will allow future market participants to share information. Market participants say that the regulator’s participation is necessary to agree on the introduction of a new technology with anti-money laundering law.

The Bank of Russia continues to study and develop actively new advanced technologies in the Russian financial market. In the course of this work, the prototype for transferring of financial messages based on distributed ledger technology has been already developed. The next step is the development of new “Masterchain” prototype.

“Masterchain” is a tool for interaction between financial market participants based on distributed ledger technology. It allows you to confirm data actuality about a client or deal and quickly create various financial services, so that financial market participants will be able to offer fundamentally new services and products to customers. In addition, “Masterchain” allows accelerating the exchange of information between counterparties and ensuring the necessary level of trust during financial transactions.

ʺThe creation of prototypes and joint inquiry of applicabilities help both the regulator, and the market participants understand outcomes, estimate capacities, mitigate the risks of using different technologies, and decide on follow-up actions. This is a good groundwork for onward progress. We would suggest that the Masterchain will be under way under the auspices of Consortium for fintech development being launched by the Bank of Russia. We are planning to consider the use of the Masterchain prototype as a component of the new-generation financial infrastructure in the future,ʺ the Deputy Governor of the Bank of Russia, Olga Skorobogatova noted.

The press service of Sberbank clarified that QIWI, Sberbank, Alfa Bank, Otkrytiye Bank and Tinkoff Bank participated in the development of the new technology. The biggest banks of Russia have made the first test transactions in the Masterchain.

Banks officials, interviewed by RIA Novosti, speak of the technology well. ʺBlockchain technology’s aim is to improve speed, financial visibility and efficiency of the new generation of financial systems. It is also expected to reduce costs of infrastructure maintaining due to its allocation between participants. At the first stages of its implementation, technological changes will have no impact on user’s experience and the technological content will not bother customers,ʺ Sberbank officials said.

ʺWe have approached the cutting edge of technological possibility to realize results reuse of customer identification of one bank by another without visiting it. In fact, the system provides the opportunity to record, when one bank carries out the customer identification and another one can reuse this result and receive customer’s data via digital channel (for example, via mobile application),ʺ Otkrytiye Bank officials said.

Source: coinspot.io

  • October 28, 2016 5:40 PM MSK
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