According to the Deputy Chairman of the Central Bank of Russia, the society still takes time to understand what benefit can be derived from the blockchain technology.

During the St. Petersburg international economic forum (SPIEF), held last week, Deputy Chairman of the Russian Central Bank Olga Skorobogatova said:

“The world still has no industrial great solutions on distributed registries, in addition to bitcoin and part of cryptocurrency. Mostly this is not due to the fact that the technology is not Mature enough and she’s Mature enough — still needs a lot of improvements both from the point of view of security and scalability”.

According to Skorobogatova, the lack of understanding of the business benefits of the integration of the blockchain is one of the reasons why this technology is still not widely use.

However, the Chairman noted that the blockchain can be useful in two different areas. As a first example, she cited the Corda platform developed by the blockchain-a consortium of R3, which is suitable for online calculations. It is noteworthy that the mentioned platform uses the blockchain as a notary nodes confirming transactions instead of miners.

The second example Skorobogatova — work in offline mode and interaction with smart contracts (Ethereum, and Hyperledger).

But, as noted by the representative of the Central Bank, “pointless” to implement technology just for the sake of the technology itself. She suggested that this year, entrepreneurs around the world will begin to better understand the blockchain from the point of view of its practical application.

We will remind, some days ago it became known that Sberbank CIB together with the National settlement Depository (NSD) is going to organize on the platform of the Central Bank of the Russian Federation test ICO.

Earlier in April, the Central Bank announced plans to use chain Mastercan to create a single payment space in the Eurasian economic Union (EEU).