Thursday, June 20, 2019

Russian State Nuclear Energy Corporation Turns to Blockchain to Enhance Efficiency

Russian State Nuclear Energy Corporation (Rosatom) has started considering “advanced” fintech such as the blockchain technology, this was revealed by Rosatom’s head of IT department, Evgeniy Abakumov as reported by Strana Rosatom on the 1st of October 2018.

Rosatom Embraces Fintech

According to Evgeniy Abakumov, the government corporation has developed interest in three areas of new technologies and would be focusing on them, technologies like blockchain, artificial intelligence (AI) and the Internet of Things (IoT), Rosatom’s IT department head stated that;

“We are committed to integrating 4.0 technologies on a wider scale. IoT, AI, blockchain and others are to increase the efficiency of manufacturing process.”

He further revealed that the corporation intends to inject its human resources with experts from this field, experts would be consulted or employed if need be in the three emerging technologies mentioned above in order to achieve this feat. Their contribution to this corporation would be immensely priced at this is part of the corporation’s mechanism to go digital and update its system with new technologies that have been tested in most of the other sectors.

Crypto Bedrock Technology Creeps into the Russian Institutions

It is no longer a recent discovery that crypto-related innovations have been creeping into every fiber of the Russian conventional technologies. Some of these adoptions were witnessed in the Russian state prison fund which is arguably the country’s largest social platform. Russian states pension funds revealed that it plans to implement blockchain and smart contracts in labor relations towards this summer

In September, the Russian Union of Industrialist and Entrepreneurs, a union which has highly ranked and respected Russian managers from the Forbes billionaires list, was reported to have engaged itself in creating an alternative bill on cryptocurrency regulations in the country.

According to experts in the cryptocurrency ecosystem, the proposed draft of cryptocurrency regulations in Russia that has remained a ‘work in progress’ since January 2018 but still yet to be passed is turning out to be “disappointing” as it has birthed nothing concrete in terms of regulation and its seeming as though the bill is being swept under the carpet.

The integration of the crypto bedrock technology and fintech into every sector is only a matter of necessity as the presence of this technologies in the first place would amount to increase in consumer demand and only a failed or obsolete institution would not meet the keen demands of its consumer.

The Russian State Nuclear Energy Corporation, being one of the leaders in world’s nuclear energy industry, the agency would be setting a pace not only for corporations in Russia but other parts of the world where fintech has been denied attention.

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