Russian authorities are planning to transfer the country's money transfer system to 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term technology in 2019 according to a report in Izvestiya.
Sources close to the Russian central bank told the media outlet that the Financial Communications Transfer System (SPFS) would be converted to a blockchain system. SPFS is the Russia equivalent of SWIFT. It was developed and implemented in 2014 following Western threats to withdraw SWIFT from Russia as part of sanctions for the invasion of Crimea. Russia developed its own version of Visa, called Mir, for the same reason.
This threat wasn't carried out in the end but is still under discussion. SPFS exists as an alternative system, and 582 Russian banks use the system as standard. The remainder keeps it in reserve should SWIFT be withdrawn.
According to the article, the transaction costs of the Russian system are lower than those of SWIFT. In February of this year, the central bank announced that the system had been extended to cover all countries of the European Economic Area - Marina Frolova, Deputy Director of Rosbank, told Izvestiya that SPFS must expand its user base in order to be considered a valuable alternative to SWIFT.
Tamara Kasyanova, managing director of a local audit company, said that transferring to blockchain technology will attract more people to use the new system.
Maxim Osadchy, head of the analytical department of a local bank, said: "The use of blockchain technology will undoubtedly increase the level of protection in relation to hacker attacks."
Here he refers to hack attacks which have been suffered by SWIFT users. For example, a Russian bank lost 6 million USD in February 2018 as a result of a hack involving SWIFT, and hackers attempted a larger heist on Globex in December 2017. The Bangladeshi central bank lost 101 million USD in this way in 2015.
A major world power transferring its entire national payment system to blockchain technology is a fairly significant development regarding cryptocurrency and mainstream acceptance.
The Central Bank of Russia is planning to replace their domestic version of SWIFT transactions with blockchain in 2019.
This is big & it won’t be the last. ??
— Pomp ? (@APompliano) May 4, 2018
Russian authorities are planning to transfer the country's money transfer system to 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term technology in 2019 according to a report in Izvestiya.
Sources close to the Russian central bank told the media outlet that the Financial Communications Transfer System (SPFS) would be converted to a blockchain system. SPFS is the Russia equivalent of SWIFT. It was developed and implemented in 2014 following Western threats to withdraw SWIFT from Russia as part of sanctions for the invasion of Crimea. Russia developed its own version of Visa, called Mir, for the same reason.
This threat wasn't carried out in the end but is still under discussion. SPFS exists as an alternative system, and 582 Russian banks use the system as standard. The remainder keeps it in reserve should SWIFT be withdrawn.
According to the article, the transaction costs of the Russian system are lower than those of SWIFT. In February of this year, the central bank announced that the system had been extended to cover all countries of the European Economic Area - Marina Frolova, Deputy Director of Rosbank, told Izvestiya that SPFS must expand its user base in order to be considered a valuable alternative to SWIFT.
Tamara Kasyanova, managing director of a local audit company, said that transferring to blockchain technology will attract more people to use the new system.
Maxim Osadchy, head of the analytical department of a local bank, said: "The use of blockchain technology will undoubtedly increase the level of protection in relation to hacker attacks."
Here he refers to hack attacks which have been suffered by SWIFT users. For example, a Russian bank lost 6 million USD in February 2018 as a result of a hack involving SWIFT, and hackers attempted a larger heist on Globex in December 2017. The Bangladeshi central bank lost 101 million USD in this way in 2015.
A major world power transferring its entire national payment system to blockchain technology is a fairly significant development regarding cryptocurrency and mainstream acceptance.
The Central Bank of Russia is planning to replace their domestic version of SWIFT transactions with blockchain in 2019.
This is big & it won’t be the last. ??
— Pomp ? (@APompliano) May 4, 2018