FAS and the Savings Bank of Russia launched a pilot project to exchange documents on the basis of the blockchain technology
FAS and the Savings Bank of Russia have launched a Digital Ecosystem pilot project to exchange documents on the basis of the blockchain technology. The purpose of the project is to study possibilities of distributed document storage that can increase speed, reliability and quality of interaction during the exchange process.
The project was presented on 13 October 2016 at FINOPOLIS 2016 Innovative Financial Technologies Forum in Kazan.
FAS and the Savings Bank of Russia implemented an e-interaction model using which documents can be transferred and stored in an encrypted form and put e-signatures. The projects involves Russian companies that actively implement innovative solutions, for instance, “Aeroflot”, “Russian Coal” and “ForteInvest”.
“The innovative nature of the Digital Ecosystem project is that communications providers are not engaged in the document flow. Convenient solutions and costs reduction is achieved through using participants’ networks”, said Managing Director of Distributed Services Directorate, the Savings Bank of Russia, Stepan Kuznetsov.
Stats-Secretary, Deputy Head of FAS Andrey Tsarikovskiy, pointed out: “A decentralized solution cuts down the costs — data processing centres are not needed, the requirements for equipment redundancy. It is important that Russia is one of the first countries in the world where the state government these innovations jointly with market participants to simplify doing business”.
