Russia-based AFI Will Implement the Blockchain

Russia-based AFI Will Implement the Blockchain

Plans to advance PlusWorld.ru are reportedly underway with the recent drafting of a comprehensive outline by the Russia-based Association of Financial

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Plans to advance PlusWorld.ru are reportedly underway with the recent drafting of a comprehensive outline by the Russia-based Association of Financial Innovation (AFI) on how to best better the National Payment System regulation. The association has uploaded the draft on its website pending prelude deliberations.

Once the deliberations are through, the ministry of Finance, the State Duma and Rosfinmonitoring, the Bank of Russia are the key entities set to receive it.

Based on this report, the blueprint will be characterized by necessities among them: Blockchain technology implementation for customer recognition.

In reference to PlusWorld.ru, the blueprint has been established to carry out two major roles:

  •  Introduce a simplified customer identification which will develop opportunities relative to short-range transactions.
  •  Establish and execute single identifier concept.

The big revelation comes just days after it was announced that the Bank of Russia would be establishing FinTech Association, an Association particularly for the development of financial technologies. In line with the sentiments echoed by the Central Bank, participants will not only study but also launch the most potent of technologies inclusive of among others:

  •  An open API (application program interface).
  •  Remote technologies of identification.
  •  Distributed ledger technology.

Aside from that, they are set to introduce a specific provision targeting legal entities and households known as a single space of payment.

Despite Blockchain technology being a relatively new concept to a host of banks over the globe, Russian banks have already kick started their experiments. The bank in the wake of October 2016 revealed the application of a financial messaging model, Masterchain’ based on the earlier mentioned DLT (Distributed ledger technology).

Among other things, the prototype permits quick data actuality confirmation relative to both transactions and clients and also facilitates quick establishment -particularly for market participants-of different financial prospects in order for them to provide their clients with new and substantial products and services.

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