Russian Blockchain Adoption Escalates As Ex President Talks With Head Of GazProm On Blockchain Implementation

Russian national gas corporation Gazprom, which extracts, produces, transports and sells natural gas, has been doing well with its blockchain initiative, and the move has been welcomed by Russia’s prime minister Dmitry Medvedev. The news was first reported by local media outlet Vestifinance.

The state owned gas company’s head, Alexey Miller, spoke to Medvedev on the development of its blockchain-based applications for the company. He told Vestifinance,

At present, together with Gazprombank, a prototype of a technological platform has been developed that provides for the automation of the process of entering into, monitoring and executing contracts. This system also involves automatic arbitration and automatic calculation of payments for gas.

Gazprom’s own statement communicates that they tested blockchain technology and “the concept of the internet of things in logistics and material resources.” It goes on to say,

The successful implementation of the pilot project confirmed the possibility of using blockchain technology in supply chain management. Gazprom Neft is considering prospects for further use of the blockchain potential and replication of the experience gained.

Medvedev, meanwhile, sees potential in the new technologies,

What you mentioned, of course, is currently a very significant factor in the development of Russian industry – the creation of Russian analogues or samples that are superior to foreign analogs, the use of modern digital technologies.

I mean both Internet of Things technologies and technologies adopted called a distributed registry, a blockchain and it’s about a completely specific application of modern advanced technology…I think this technology has a good future in our industry and in the activities of such companies as Gazprom.

Previously Russia’s lower house of parliament approved the launch of an oil-backed cryptocurrency. In general Russian authorities have been ramping up their efforts in the crypto space, with Russian president Putin setting a deadline of July 1 for regulation and the nation’s largest social network VK considering implementing crypto.

The number of established entities testing and piloting blockchain initiatives is growing by the day. Recently the World Economic Forum released a report that showed that over 40 central banks across the world had conducted heavy research and/or executed pilot programs. This lends some credibility to the technology and market, as it attempts to escape its bear run.

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