en

The Bank of Russia wants to transfer the system of financial reporting into blockchain

Neironix
May 7, 2018 12:00 AM
675 Views
The Bank of Russia wants to transfer the system of financial reporting into blockchain

The Central Bank hops that these development will generate interest to the Russian equivalent of SWIFT on the part of big business, including in the areas of banking.

The advantages of blockchain technology are in automatic refreshing of the information of each player in this system after each change. Furthermore, data from the distributed roster could not be removed.

However, it’s still unclear will the Central Bank realize the development for FERS or just will implement a project on the basis of Etherium. The Bank of Russia has allowed for several ways to use this technology.

The brainchild of Russian financial authorities could be more qualitative, than SWIFT. The blockchain it’s already proven system, which guarantees protection of the financial assets, including protection against hackers raids, have said numerous experts. Note that, earlier some of the banking systems connected with SWIFT were hacked. Now in Russia FERS is primarily used as a backup platform. The cost of one SPFS’ operation is 1,5-2 rub. SWIFT’s price per one operation is around 0,03-0,05 euros that is a little bit more expensive at current rates. We will note that the Russian FERS’ system was first heard at the end of 2014 on a wave of political tension between Russia and other Western countries, special concern was also expressed regarding threats that Russia could be excluded from SWIFT’s system, on which all domestic banks being directly depend.