Igor Shuvalov holds VEB’s first session of the working group on the use of blockchain technology in state and corporate management

The first session of the working group was held at Vnesheconombank on the use of blockchain technology in state and corporate management.

According to experts, the distributed blockchain database system essentially cuts the cost of corporate and state management.

Organized by VEB, the session continued the discussion “The Explosive Impact of Blockchain Technology” that had taken place at the St. Petersburg International Economic Forum 2017.

The working group’s targets are to coordinate the activities of state bodies for the adoption of blockchain in Russia, to address problems hampering the progress of this technology, and to create blockchain implementation mechanisms in the state bodies.

The blockchain technology protects data against improper use and facilitates data control. This will enable the public to remotely obtain legally significant services, businesses to cut down the cost of monitoring, and the government to become a more technologically advanced structure. Overall, this will update work processes and facilitate information management. In addition, there is potential for cutting the cost of infrastructure and enhancing the reliability and safety.

Sergey Gorkov, Vnesheconombank Chairman, noted that the VEB Group plans to become Russia’s leader in funding the innovations in the state’s priority projects being implemented with the aid of the National Technological Initiative (NTI), Skolkovo Foundation, Kurchatovsky Research Institute, and VEB Innovations. “VEB will bring together the efforts of state agencies, business entities, and the academic community. Jointly with MISiS National University of Science and Technology, in September we shall open the Center of Competence for new materials and breakthrough technologies with a focus on blockchain. In a co-working venture, our colleagues will cooperate with the market leaders, the companies Ethereum and Bitfury. This will make it possible to build a unique team for creating a blockchain ecosystem in Russia,” said Sergey Gorkov, adding that the Center of Competence is supposed to become a hub of the state’s project management.

According to Viktoria Abramchenko, the RF Deputy Minister for Economic Development, Head of the Federal Service for State Registration, Cadastre and Cartography, one of the examples for successful introduction of blockchain into the state management institutions could be the project of Rosreestr and AIZhK (Agency for Housing Mortgage Lending) for creating a decentralized depositary system that allows the transfer of title and receipt of mortgage online. The task of such projects is to adapt the technology to the Russian economic environment and determine its applicability.

The working group headed by First Prime Minister, Igor Shuvalov, includes: Maksim Oreshkin, RF Minister for Economic Development, Anton Siluanov, RF Minister of Finance, Nikolay Nikiforov, RF Minister of Telecom and Mass Communications, Sergey Gorkov, Vnesheconombank Chairman, Mikhail Mishustin, Head of the Federal Tax Service, Aleksey Khersontsev, Head of the Russian Accreditation Service, Mikhail Oseevsky, Rostelekom Company President, Maksim Akimov, First Deputy Head of RF Government Administration, Olga Skorobogatova, Deputy Head of the Bank of Russia, Viktoria Abramchenko, Deputy Minister for Economic Development and Head of Rosreestr, Vladislav Fedulov, Director of the Department of Information Technologies and Communications of the Government of the Russian Federation, as well as representatives from the Ministry for Economic Development, Ministry of Finance, Russian Accreditation Service, Federal Tax Service, Federal Security Service, and business entities and professional communities.

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