Application of blockchain

Blockchain technologies in Russia

🙌🏻Hi, community!

🔗Blockchain technologies seem interesting not only for entrepreneur and private individuals: the state sector has also been looking for approaches for using the technology since its benefits are obvious and in some cases they are suitable even for the “big brother”.

✍🏻Thus, in April 2020 the The Federal tax Service launched a blockchain platform for issuing interest-free loans to small and medium businesses. The pandemic has become a powerful stimulus for this decision.

⚙️The blockchain platform is intended for quick processing of the documents related to entrepreneurs’ loan applications for 0% for payrolls. Over four thousand of organisations have already connected to the system.

📲“Each participant gets his node within the distributed ledger, and this node generates consecutive records that, on one hand, makes it possible to ensure the data security, and on the other it provides access to the data of all the project participants. We automatically create a common roster for all the applications”, said Daniil Egorov, the head of the Federal Tax Service

👆🏼Due to the technology, the applications are processed almost instantly, and in case this solutions proves its effectiveness, it can be applied in other governmental programs.