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Blockchain technology may be widely used in Russia only within 7-10 years

Логотип TASS TASS 02.06.2017 TASS

ST. PETERSBURG, June 2. /TASS/. The blockchain technology may be massively launched in Russia within 7-10 years, Central Bank’s Deputy Chairperson Olga Skorobogatova said on Friday.

"I think it will take us 7-10 years - not only the financial sector, but other sectors as well - to launch the production of this technology for serious projects," she said at the St. Petersburg International Economic Forum (SPIEF-2017).

Blockchain is a technology of distributed databases (ledgers) based on continuously extended chain of records and resistant to forgery, review, hacking and theft of information.

The Bank of Russia announced the creation of a consortium to explore the technology last summer.

ITAR-TASS

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