Roseltorg and VEB Join Forces to Launch a Project Based on Blockchain.
The Russian bank Vnesheconombank signed an agreement with the electronic shopping platform Roseltorg on a joint project based on blockchain technology.
The project aims to provide transparency in electronic transactions between businesses and government customers and develop new methods for storing and verifying the information to drive the transition toward the digital economy.
According to the project partners, a decentralized but protected blockchain-based system, which serves as a commercial and public service platform, would help to improve the interaction between government agencies and public authorities, enable faster decision taking and drive a more efficient corporate governance and national government overall.
VEB plans to use this technology to facilitate aspects of its business such as investments, project monitoring, procurement, electronic contracting, e-contract fulfilment and tracing the supply and subcontractor chain.
The president of Vnesheconombank, Sergey Gorkov, said:
“The blockchain technology used as corporate governance and national government tool will help to achieve zero human factor impact, so transactions will become accurate, transparent and sound. It will help to sensibly reduce the service timeframes, boost the operating efficiency and strengthen the people’s trust with respect to public authorities and financial institutions. The system will be useful not only to the government, but also to business customers. The new mechanism will help businesses interact with their clients and suppliers, improve the document exchange quality, enable stronger data confidentiality and underpin the customers’ confidence in the product suppliers”
According to the official statement, first phase of the project will have been carried out by the end of 2017 or in early 2018.
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