Bitcoin, Crypto currency, Blockchain

The Blockchain still needs development time

c47dbcda39ce8687d77a37fb85e366a5 - The Blockchain still needs development time

The Deputy Governor of the Russian Central Bank, Olga Skorobogatova, presented the current degree of maturity of the Blockchain technology in question. She said the Blockchain was not yet advanced enough to be able to in the industry.

Russian media have announced that they turned out in a discussion of the St. Petersburg International Economic Forum, that this new technology is still in need of improvement. According to Skorobogatova, the technology has not been applied except for the use of crypto-currencies like Bitcoin, even in a large industrial context. The safety and scalability, according to the Deputy Governor to one of the key problems that must be solved before an implementation in the industry can take place.

The Blockchain needs more time to Mature

For the Blockchain you will see two main fields of application. On the one hand, using the technology for systems that Distributed Settlement Infrastructures offer, in order to process payments. An example of this Ripple would be. On the other hand, platforms like Ethereum or Hyper Ledger, Smart Contracts support.

This year, both Russia and the international Community will get a better understanding of what the Blockchain can be advantageous. Previously must be brought according to Skorobogatova, however, the scaling to an industrial level.

Seven to ten years, up to the controlled Integration of the Blockchain

Skorobogatova has already been described previously, the Distributed Ledger technology as a “revolutionary technology”, “in the one should invest”. This is not important, however, that the significant risks associated with it. To be able to use the technology in the financial sector implement, would require banks to establish, in accordance with Skorobogatova adequate risk management. According to a statement by the Deputy Governor in June of last year, it will take seven to ten years for a controlled Integration in the financial sector will take place.

The Russian Sberbank is a further step in the direction of the Blockchain-adaptation. This year, the largest Bank in the country wants to start an ICO project. In the embodiment to involve the Russian Central Bank and the Russian government to create a regulatory framework.

Leave a Comment