Vnesheconombank (VEB), the Russian state-owned development
bank, has inked a deal with the regional government of Kaliningrad to pilot a
new blockchain-based payment system.
Last week, officials including Kaliningrad governor Anton
Alkikhanov and VEB chairman Sergei Gorkov met at the Russian Investment Forum
in Sochi to sign the agreement underpinning the trials. Alikhanov said in a
statement that the development bank's "competence in the area of
blockchain technology" will help Russia's westernmost region to
"improve the quality of management decisions."
The regional government and its development bank partner are
betting that the technology will improve the quality of social services by
increasing transparency and cutting costs. Elements of Russia's government have
previously trialed blockchain as part of research into potential public-sector
applications, but the VEB deal represents a notable pairing of private and
public interests.
They plan to collaborate to bring modern IT solutions to the
region, namely blockchain-based "social payments" and electronic
services "to improve the efficiency of public and corporate
governance."
"The Kaliningrad region is one of the most active
subjects of the Russian Federation in terms of implementing advanced
technologies that support the development of Russia's digital economy,"
Gorkov said according to the statement.
According to CoinDesk, Vnesheconombank has shown a sustained
interest in blockchain technology. In 2017, the bank unveiled a blockchain
product strategy and a blockchain-focused research center, both aimed at
improving the institution's knowledge of the technology while providing an
environment to try out use cases.
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