The future of digital technology in russia: Blockchain as one of the priority directions of development

Abstract

© 2019, Research Trend. All rights reserved. Today, Russia is working seriously on the development of “end-to-end” digital technologies in the next five years. The national project “Digital Economy” highlights nine major “end-to-end” digital technologies, among which much attention is paid to the development of blockchain technology. As for the priority areas of introducing blockchain technology in Russia, we can distinguish five main ones: finance and insurance, transportation and storage, public administration, healthcare and manufacturing. In finance and insurance, the blockchain is expected to significantly reduce the costs of clearing and settling transactions, as well as halve the duration of transactions. The use of block-chain in the manufacturing industry will lead to a significant cost saving in paper flow and quality control of raw materials. In logistics, the blockchain will halve the cost of moving goods, as well as minimize the number of errors when sending them. The blockchain technology, according to experts, will also be able to increase public confidence in public administration where it will be applied. It will also help reduce government administrative costs for the provision of public services. Due to the use of new technology, the circulation of counterfeit medical products will be halved, as will the costs of processing and storing personal medical data. Among the problems of implementation and development of the blockchain technology in Russia, the following can be highlighted: it takes a lot of time to integrate the system into business processes (about 120 hours), to audit smart contracts requires long time, moreover, it is necessary to reduce the time for confirmation of blocks.