Russia plans to transfer the car registry to the blockchain

Presumably, the blockchain-the registry of movable property are to maintain and update the PNP and the banks. However, representatives of the notary Association realize that this initiative requires careful revision.

Russia Plans Car Registry Blockchain Integration

Chief investment strategist of the ICBF Dmitry Muradov agrees with this point of view, referring to the fact that when transferring the car registry to the blockchain, it is extremely important to create a clear and controlled mechanism for entering data into the system, since the blockchain is not a guarantee of data reliability, but only guarantees their immutability, he said.

The blockchain implementation will require a lot of resources, experts admit, and the transition to the new technology will not be instant and cheap. According to preliminary estimates, the project may take 1-3 years and cost 150-500 million rubles.

At the same time, initial investments can, in the future, save much more substantial sums for the national economy. So, the head of VEB Sergey Gorkov believes that the use of blockchain in public procurement will save the country hundreds of billions of rubles. As an example, Gorkov said that, according to the results of the application of blockchain technology in the health sector in the Novgorod region, even taking into account 100 thousand rubles spent on the introduction of technology, the savings have already exceeded several million rubles.