The emergence and development of blockchain technology in the Russian market

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The emergence and development of blockchain technology in the Russian market

The blockchain is becoming a part of our daily lives: technology finds application in the real sectors of the economy, the ICO goes more and more projects with the product, clear to ordinary users and focused on their needs. In what area is the first to use blockchain in Russia? And as the technology continued to reach new market segments?

The public sector and banks have begun to show interest in the blockchain, but the purpose of the application of technology was more in the research, the first transaction took place in test mode.

In September 2016 the savings Bank became a member of the consortium Hyperledger. And in October, Sberbank and the Federal Antimonopoly service began to test the blockchain has been launched a pilot project of the Digital Ecosystem. The main objective of the project was to study technology and develop solutions for the storage and transmission of documents in an encrypted form.

The company “Qiwi” had long expressed interest in the blockchain and became the first Russian company, which became part of the blockchain-consortia R3. It happened in November 2016. And a few months later, in March 2017, the company established a subsidiary, OOO “Kiwi blockchain technology” (CBT) with the aim of developing blockchain – based products and their introduction into the existing system of payments.

The first transaction using the blockchain was held by the airline S7 Airlines with one of the contractors in December 2016. The technical side of the transaction were engaged in Alfa-Bank and legal – Deloitte. The deal represented the opening and execution of a letter of credit with smart contracts in the Ethereum blockchain.

Later became interested in bacchanal and large retailers. So, at the beginning of 2017, the company “M. Video” has tested the technology at work with the supplies. The platform that was used to confirm and process information, was developed by a subsidiary of Sberbank.

In 2017 were testing blockchain and financial institutions, including Vnesheconombank. The Bank’s representatives repeatedly gave a positive assessment of the blockchain and offered to use the technology for transactions with real estate, for tracking of supply chains, as well as in the health sector. In August 2017 Vnesheconombank and Ethereum foundation signed an agreement on a long-term partnership. And in December, 2017 VNESHECONOMBANK in cooperation with the technical University nust “MISIS” has created the Center Blockchain competencies, the purpose of which was to unite industry professionals to implement projects in the field of blockchain technology.

In 2018, the blockchain got even wider application. In February, the Federal registration service, AHML and Vnesheconombank launched a pilot project with the use of the blockchain for registration of contracts of participatory construction. The first deal was made in the Leningrad region.

Also continued use of the blockchain in health care. “Best Hospitals” joined blockchain platform for remote consultations, Smart Doctor and the laboratory “Sitilab” used the service to automate the process of testing.

One of the most significant events was the involvement of the blockchain during exit polls in the presidential elections on 18 March 2018. In addition, the CEC Chairman, Ella Pamfilova said that at the next election can be applied to this technology.

The conclusion from this is: the credibility of the blockchain is gradually growing in Russia. Technology can be used in almost any field: in business and in the banking sector and in the public sector. The blockchain is able to simplify the information and to make interaction with commercial and government structures more simple, convenient and transparent

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