Andrey Tsarikovskiy on block-chain: a revolutionary idea reaches the masses

Deputy Head of FAS informed representatives of business and experts about the  Digital Ecosystem formed by FAS jointly with the Savings Bank of Russia and several companies* on the basis of block-chain

On 21 February 2017, there was a business brunch “Block-chain for the banking sphere in Russia: a new revolutionary technology or a great illusion?” At the event Stats-Secretary, Deputy Head of FAS Andrey Tsarikovsky discussed the Digital Ecosystem project on exchanging data between the antimonopoly authority and economic entities.

“One of the main advantages of the system is information verification. It solves one of the main issue – mutual mistrust between business and the authorities”, emphasized Deputy Head of FAS.

“We often face a situation when we are not confident whether the information was forwarded to us by an economic entity. Block-chain will simplify verification of information by regulators: it will be more difficult to cheat”, addedAndrey Tsarikovskiy and compared the block-chain system with a glass safe, when you can see its content but only the key holders can have access to it.

Apart from increasing openness in transferring information, Digital Ecosystem will shorten the response period in communications with companies and decrease the costs for human resources.

Answering a question on the changes required to the law in order to implement the project, Andrey Tsarikovskiy pointed out that there are no problems to implement the block-chain-based information exchange system: “Perhaps some adjustments to particular legal acts will be necessary but there is no need in global changes”.

Finally, he emphasized that Digital Ecosystem is an open system. Any company can join discussions with FAS in an electronic block-chain format.

* “Aeroflot”, “UAC”, “Russian Coal”, “ForteInvest”