Russian Vice-Minister Wants to Implement Stability-Focused Blockchain


According to local news source RNS on March 1, the Russian’s Ministry for Telecom and Mass Communications vice-president mentioned that if the government wants to adopt the blockchain technology, it must be a platform that doesn’t include mining.

The vice-minister,  Alexei Kozyrev explained that the blockchain technology would help to solve the long-term storage as well as the protection of documents and identity forms. He also said that the only way to meet these requirements is by making the platform “unified and universal”,

“The existing solutions in Blockchain from an organizational point of view are very, very unstable. According to data from Tokendata, more than 50% of Blockchain platforms created have already gone bankrupt or disappeared.  If we’re talking about how the government will adopt Blockchain, then obviously we cannot count on platforms which were created by commercial organizations, because these platforms are very, very unreliable. In this way we understand, that we need to create our own platform for Blockchain technology.”

A Russian Bank has already started using blockchain technology for document sharing and data storage. In 2017, Russia started testing blockchain to increase the transaparency in the local voting system.

The blockchain technology is starting to gain attraction from many governments and countries such as Russia. The blockchain technology can disrupt many industries with all the benefits it can bring for transparency and efficiency.

4 thoughts on “Russian Vice-Minister Wants to Implement Stability-Focused Blockchain

Leave a Reply