Vnesheconombank and Roseltorg launch joint blockchain-based project for electronic transactions

MOSCOW, 26-Oct-2017 — /EuropaWire/ — Vnesheconombank Chairman Sergey Gorkov and Roseltorg chief executive Anton Emelyanov signed a cooperation agreement regarding a joint blockchain-based project.

The project is to bring about a transparent environment for electronic transactions between businesses and government customers. And the new methods will be created for storing and verifying the information to drive the transition toward the digital economy.

Vnesheconombank plans to use this technology to facilitate aspects of its business such as investments, project monitoring, procurement, electronic contracting, e-contract fulfilment and tracing the supply and subcontractor chain.

“The blockchain technology used as corporate governance and national government tool will help to achieve zero human factor impact, so transactions will become accurate, transparent and sound. It will help to sensibly reduce the service timeframes, boost the operating efficiency and strengthen the people’s trust with respect to public authorities and financial institutions. The system will be useful not only to the government, but also to business customers. The new mechanism will help businesses interact with their clients and suppliers, improve the document exchange quality, enable stronger data confidentiality and underpin the customers’ confidence in the product suppliers”, noted Sergey Gorkov.

“This technology will enable transparency across all supply chains and will enable interaction between customers and suppliers that will be as smooth as it is when smart contracts are used. We have a well-developed infrastructure and the required technology expertise, so the project outcomes can be scaled up to enhance other IT systems that will serve as groundwork for building digital economy in Russia”, believes Roseltrog chief executive Anton Emelyanov.

VEB and Roseltorg think that if the blockchain-based decentralised but protected system is in place that will serve as business and public services platform, it will prospectively greatly enhance the interaction between government agencies and public authorities, enable faster decision taking and drive a more efficient corporate governance and national government overall.

VEB is a key implementer of the Digital Economy programme. It is planned that the first phase of the project will have been carried out by the end of 2017 or in early 2018.

Russian e-procurement platform Roseltorg is the major e-procurement platform nationally for electronic bidding for government and commercial orders.

Press Office
E-mail: press@veb.ru

SOURCE: Vnesheconombank