Blockchain Revolution in Russia: Bank of Russia Tests Masterchain

By October 13, 2016Bitcoin Business

Blockchain Revolution in Russia: Bank of Russia Tests Masterchain

Bank of Russia has introduced Masterchain, an Ethereum-based Blockchain prototype. As stated in the official report, the Masterchain platform was created to serve interests of the financial market actors and is being tested. Alexey Arkhipov , Head of Cryptotechnology Department at Qiwi says: “Masterchain is a unique ecosystem which allows connecting financial institutions and creating smart contracts in one single environment.” Disruptive Blockchain Masterchain is a tool built on the basis of distributed ledger technology to ensure safe and secure communication between banks and other financial institutions. The platform allows to quickly confirm the relevance of customer’s data or information about transaction, therefore accelerating the exchange of information between the parties while ensuring the highest level of security and confidentiality in financial transactions. A number of country’s largest banks and financial institutions took part in developing the Masterchain prototype, including Sberbank, Alfa Bank, Bank Otkritie, Tinkoff Bank, and Qiwi. Partners share belief in the ability of technology to revolutionize financial industry. Head of Innovations at the Bank Otkritie, Alexey Blagirev said that rapid development of Blockchain technology suggested an innovative method of communication between banks to receive the latest information about customers and check it with partners if needed. Nadezhda Avdanina, the head of innovation and technology center at Alfa Bank shared her opinion: “It is a truly significant step for banks, it shows that despite the high level of competition in the financial and banking industry, banks drive towards increasing openness, and making relationship with both customers and partners more comfortable and secure. We are happy that Blockchain technology allowed banks to cooperate and start joined projects aimed at industry recovery.” VP, CIO at Tinkoff Bank Viacheslav Tsyganov commented: “The first transaction made to test the infrastructure that we are creating in collaboration with our partners proves the […]

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