A Russian bank is testing blockchain for Project Management

The chairman of the board of directors of Russian state-owned Vnescheconombank (VEB), Sergey Gorkov, announced that they will use blockchain technology in the project management, which they will start testing this fall.

It is not the first time that a Russian bank has decided to use blockchain technology in the financial sector.

The Bank of Russia will also use blockchain

In June, the Bank of Russia announced the development of a technical prototype called “Masterchain”. The prototype uses blockchain technology for notifications and messaging between banks in the Russian financial system.

Blockchain will be implemented in Sberbank in 2.5 years

In addition, in February, Russia’s largest Herman Gref, CEO of Sberbank, stated that blockchain technology will be implemented for commercial applications in 2.5 years.

It will be fully legalized in Russia in 2019

In May, Russia’s Communications and an announcement by the Ministry of Mass Media confirmed Gref’s statements. The ministry stated that Russia plans to legalize and regulate blockchain technology in 2019.