Medvedev proposes using blockchain to combat bureaucracy

10 March 2017

Russian Prime Minister Dmitry Medvedev has instructed the Ministry of Communications and Mass Media and the Ministry of Economic Development to consider the feasibility of using blockchain technology when preparing the “Digital Economy” programme

Prime Minister Dmitry Medvedev has proposed introducing blockchain technology to the Russian economy. Medvedev gave the corresponding order to the relevant agencies: the Ministry of Communications and Mass Media and the Ministry of Economic Development.

“One of the breakthrough technologies, which incidentally was also mentioned at the Forum, is blockchain technology. This tool is already being utilized by major banks, corporations and even some governments. The technology is unique. It excludes the existence of intermediaries and the authenticity of operations is confirmed by the network users themselves. Since there is no unified data repository and it is split into blocks, it would be impossible to rewrite this information or somehow infiltrate it without the knowledge of other individuals. In addition, people believe it could help to get rid of the excessive bureaucratization of business turnover”, the government’s press service cites Medvedev as saying.

The Prime Minister believes that an analysis is necessary as regards how applicable the technology would be in the Russian system of state administration and the economy.

During the Russian Investment Forum in Sochi, Medvedev spoke about how blockchain is the best technology for storing data, rights and obligations and how it would be capable of changing people’s lives in the future.

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