Russia to Develop Blockchain Standards

Russia to Develop Blockchain Standards

Russia`s national standards authority is considering the standardization of blockchain and disributed ledger technologies.Russia`s Federal Agency

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Russia`s national standards authority is considering the standardization of blockchain and disributed ledger technologies.

Russia`s Federal Agency for Technical Regulation and Metrology, also called Rosstandart, has reportedly announced the formation of a new technical committee whose goal is to standardize “the software and hardware of distributed register and blockchain technologies”, as cryptocoinnews.com reported.

Blockchain is a digital platform that records and verifies transactions in a public and secure manner based on decentralized solutions.”, as cryptocoinnews.com quoted the official announcement that was published in Russian.

“Initially appearing as technologies that facilitate the mechanisms of cryptocurrencies, blockchain technologies are finding more and more fields of application around the world. In recent years, these technologies are quite actively spreading in the Russian Federation.”, according to the press statement.

On a global scale, the International Organization for Standardization (ISO), known as the primary global standards authority, appointed Australia to lead an international technical committee with 35 ISO member nations to develop an uniform approach to introduce global standards for the technology, as the online media explained in their article.

Russia`s standards authority has not joined ISO/TC 307 at the time of its formation. Now Russia is one of the 20 participating members of the committee (full list: https://www.iso.org/committee/6266604.html?view=participation).

According to the publication, the new comittee will cooperate with the ISO committee. Still, it is working towards introducing its own standards.

“[The standards] are designed to raise the development of these technologies to a new level by developing international cooperation, closer interaction, speeding up their acceptance by the public, expanding the methods of their application, and ultimately increasing confidence in such operations.”, reads a quote on cryptocoinnews.com.

The decision to inroduce national standards comes at a time when the Russian government is considering to regulate decentralized technology in 2019.

As the article noted, the chief executive of Sberbank, Herman Gref, said that the commercial applications of blockchain technology in the country will take shape in two or two-and-a-half years from now.

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