Russian Bank Tests Blockchain For Project Management

Russian Bank Tests Blockchain For Project Management

Last Wednesday, the chairman of the Russian government-owned Vnesheconombank (VEB) announced they are planning to use blockchain technology for projec

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Last Wednesday, the chairman of the Russian government-owned Vnesheconombank (VEB) announced they are planning to use blockchain technology for project management that is to be tested this fall.

Other Russian banks have previously used the blockchain technology in the financial sector. In June last year, the online media reported that the Bank of Russia, the country`s central bank, has developed and tested an Ethereum-based blockchain prototype called “Masterchain”. It was designed for financial messaging between banks in the Russian financial system.

Earlier this year, the chief executive of Sberbank, Herman Gref, said that the commercial applications of blockchain technology in the country will be visible in two, or two-and-and-a-half years from the time of his statement.

In May this year, the Russian government stated that it is planning to legalize and regulate blockchain technology in 2019.

It appears that Gorvkov and the VEB are also willing to support Russia`s innovative activity in the financial industry. The CEO spoke to Sputnik on Wednesday, while at the Saint Petersburg International Economic Forum (SPIEF):

“When we started to think about how to manage projects efficiently, we realized that there is no platform. Everything that we had, became obsolete. We realized that the blockchain is a good fundamental and qualitative platform for the future. We started with this, we have established a qualification center and a pilot project was launched. We are launching the first prototype in terms of project management this fall.”

Gorkov expressed an opinion that Russia have to invest in innovative technologies like blockchain. Enough funding may turn blockchain into important technology that can minimize bureaucracy in the country, he said as quoted by cryptocoinnews.com.

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