The FAS Russia and Sberbank launch pilot project to exchange documents using blockchain technology
14-10-2016 | 12:08
Sberbank and the Federal Antimonopoly Service of the Russian Federation have launched a pilot project called Digital Ecosystem for exchanging documents using blockchain technology. The goal of the project is to study the possibilities of distributed document storage, which may increase the speed, reliability and quality of interaction during document exchange.
The project is presented on 13 October 2016 at the Forum of innovative financial technology FINOPOLIS 2016 in Kazan.
Sberbank and the FAS Russia have implemented an electronic interaction model which allows documents to be transferred and stored in encrypted format and provides for signing of documents using electronic signatures. The project involves Russian companies who are actively deploying innovative solutions, such as Aeroflot, Russian Coal, and ForteInvest.
“Digital Ecosystem is innovative because the document exchange process does not involve communications providers. The convenience of this solution and its cost-optimising effect is achieved by using the networks of its participants,” commented Stepan Kuznetsov, Managing Director of Sberbank’s Shared Services Department.
Mr. Andrey Tsarikovskiy, Deputy Head of the FAS Russia, commented: “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.”
