The Russian Government is Testing Blockchain for Document Storage

A Russian government agency focused on anti-trust regulation is testing blockchain to exchange and secure documents.

AccessTimeIconOct 14, 2016 at 4:06 p.m. UTC
Updated Aug 18, 2021 at 5:18 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

An anti-trust agency within the Russian government is testing a blockchain-based document management system.

Dubbed “Digital Ecosystem”, the project is aimed at developing tools that can “increase the speed, reliability and quality of interaction during document exchange”.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The country’s Federal Antimonopoly Service (FAS) is working alongside Sberbank to develop it. Other companies, including Aeroflot, Russia’s largest airline carrier, are also involved, Sberbank said today.

    In statements, FAS deputy chief Andrey Tsarikovsky said that the project points to a potential reduction in the cost of managing and exchanging documents.

    He was quoted as saying:

    “This decentralising approach cuts costs because data processing centres are not required and the requirements for equipment protection are lowered. It is noteworthy that Russia is one of the first countries in the world where the state and market participants are looking at these innovations as a way to simplify business operations.”

    The trial is one of the most notable to emerge from the country to date, coming amid continued debate within the government on the subject of regulating so-called money surrogates, a designation which would include bitcoin.

    But that hasn't stopped government offices on both the local and national level from testing the tech, as shown by the FAS trial. In August, the Moscow government said that it was looking at blockchain as a possible means to prevent voter fraud.

    The project is also the latest signal that Sberbank, one of the largest financial institutions, is taking a serious look at the technology.

    The bank is a member of the Linux Foundation-led Hyperledger blockchain project, and in the past has indicated its interest in collaborative blockchain efforts alongside other companies in Russia as well. Last year, a venture fund backed by Sberbank said it was keeping an eye out for possible investments in the blockchain space.

    Image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.