Blockchain is Still “Not Mature”, Says a Russian Central Bank Official

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A Russian central bank official expressed that time is still needed in order to fully understand the benefits of blockchain technology, reported Coindesk on May 28.

Olga Skorobogatova, Bank of Russia deputy governor, mentioned in a discussion at the annual SPIEF conference in Saint Petersburg that blockchain is still not “mature” and that it requires more improvements concerning scalability and security.

She expressed,

“In the world, there is still no big industrial solution on distributed ledgers, except for bitcoins … This is mainly due not to the fact that the technology is not mature enough.”

Skorobogatova insisted that one major problem concerning the massive adoption of blockchain technology is that companies have not yet understood what it will bring to them to move to blockchain.

The two sectors she believes the blockchain is the most necessary is for online operations such as electronic letters of credit, mentioning the examples of Ripple and R3’s Corda, and for offline working and with smart contracts, citing Hyperledger and Ethereum as examples.

Last week, Russia’s National Settlement Depository (NSD) and Sberbank CIB announced that they will test a regulatory ICO platform aiming to enhance transparency and security in domestic initial coin offerings (ICOs).

Russia’s central bank revealed that it was considering using Masterchain’s ethereum blockchain technology for cross-border payments across the Eurasian Economic Union (EAEU).

 

 

 

 

 

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