VEB to hold blockchain discussion at SPIEF’17

VEB 2.0 is to hold a session entitled ‘The Explosive Impact of Blockchain Technology’ with the participation of government officials and Russian and foreign business professionals on the sidelines of the St. Petersburg International Economic Forum.

Currently, as part of the ‘Digital Economy’ government programme development, VEB 2.0 is formulating its proposals for the use of blockchain technology in the Russian public governance system and economy. The work has come as a part of measures to accomplish the tasks set in the Presidential Address to the Federal Assembly.

The Bank proposes to carry out pilot projects on the introduction of blockchain in the Federal Service for State Registration, Cadastre and Cartography (Rosreestr) and the National Pension Fund (NPF). Furthermore, the Bank is developing approaches for an in-house use of the technology: in trade finance transactions and investment project management.

“A few years ago, hardly anyone in Russia was talking about blockchain technology. Today, we are discussing its adoption at the federal level so that this innovation could alter the principles of business, the governance system, and services to the general public. How prepared are our institutions to introduce blockchain? What are the restrictions? Are our resources sufficient? These and other issues will be addressed at the session to be held by the Bank on the sidelines of the St. Petersburg International Economic Forum, Chairman of Vnesheconombank Sergey Gorkov said.

Blockchain is a distributed database that contains information on the transactions effected by the participants. A copy of the common ledger of all transactions is kept by all participants thus creating a distributed environment for trusted electronic collaboration.

Divided into blocks, all information represents a ‘chain of blocks’ so that is impossible to alter such information or penetrate the system without the knowledge of other participants.

Blockchain technology can help substantially reduce the time required for public services, streamline the operational function of government agencies, release employees from routine procedures to save time for more intellectual activities, and enable greater transparency in relations with the government.

Press Office