Russian Payments Service Provider Qiwi Joins R3 Blockchain Consortium
- QIWI is the first company from Russia to join R3's global network of banks and financial institutions.
Publicly traded Russian Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl service provider Qiwi (NASDAQ: QIWI) has joined the R3 Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe consortium to collaborate on the design and application of the technology to the financial markets. QIWI is the first company from Russia to join R3's global network of over sixty major banks and institutions developing distributed and shared-ledger inspired solutions.
David Rutter, CEO of R3, commented: “The addition of QIWI is a further milestone for R3. Eastern Europe is a key region for us as we expand our network of consortium members and continue to develop truly global applications for this groundbreaking technology.”
“QIWI is thoroughly involved in developing and testing blockchain projects and ideas that can be directly applied to its core payment market. We believe that blockchain projects that we are currently working on can be applied on one of the R3 platforms and have great potential to be favorably perceived by regulated financial institutions,” said Sergey Solonin, QIWI's chief executive officer.
“QIWI is working closely with national regulators and domestic financial institutions in order to familiarize the market with these technologies. At the moment, we are at the stage of international integration. The capabilities of distributed and shared-ledger inspired technologies are very exciting for us and can help us upgrade and improve the technologies underlying our core business. Our goal with R3 is to explore this emerging technology space as we shape the future of payments and transactions throughout collaborative research with other members of the consortium.”
Publicly traded Russian Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl service provider Qiwi (NASDAQ: QIWI) has joined the R3 Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe consortium to collaborate on the design and application of the technology to the financial markets. QIWI is the first company from Russia to join R3's global network of over sixty major banks and institutions developing distributed and shared-ledger inspired solutions.
David Rutter, CEO of R3, commented: “The addition of QIWI is a further milestone for R3. Eastern Europe is a key region for us as we expand our network of consortium members and continue to develop truly global applications for this groundbreaking technology.”
“QIWI is thoroughly involved in developing and testing blockchain projects and ideas that can be directly applied to its core payment market. We believe that blockchain projects that we are currently working on can be applied on one of the R3 platforms and have great potential to be favorably perceived by regulated financial institutions,” said Sergey Solonin, QIWI's chief executive officer.
“QIWI is working closely with national regulators and domestic financial institutions in order to familiarize the market with these technologies. At the moment, we are at the stage of international integration. The capabilities of distributed and shared-ledger inspired technologies are very exciting for us and can help us upgrade and improve the technologies underlying our core business. Our goal with R3 is to explore this emerging technology space as we shape the future of payments and transactions throughout collaborative research with other members of the consortium.”