Russia’s Adoption of Blockchain

2 min read

We’ve covered a slew of Asian countries moving towards the adoption of blockchain technology. Japan, of course, recently started accepting bitcoin through their exchanges. India has touted the benefits of using cryptocurrencies, going so far as to be vocal about the technology.

Blockchain technology is far more than digital currencies, as we’ve seen with its adoption around the world (For more in-depth info, read our guide to Blockchain). Well look out, world, Russia is joining the ranks of governments to adopt the breakthrough technology. The Eurasian country spans 13 time zones. With such a large mass of land (and a ridiculously spread out population!) it’s imperative to keep records organized, accessible, and unchangeable post-creation.

What’s Next?

Blockchain technology obviously solves this issue, which is why Russia is moving forward with it. In 2019, they’re billed to legalize the technology. It originally turned Russian’s heads–like many governments before them!–by the financial possibilities blockchain has to offer.

Dmitry Medvedev, current Prime Minister, has commissioned a team of researchers to truly delve into the benefits and potential the technology has to offer.  They’re specifically looking into the benefits the economy my receive, communications, and cryptocurrency.

Russia’s sixth sense about adopting this technology will really provide an advantage for the entire country. Once the government officially adopts the technology in the next two years, business, individuals, non-profits, and other associations can use the technology to enhance everyday business doings.

Waiting Isn’t a Requirement

Now, that’s not to say these various groups or individuals cannot use blockchain technology as it currently stands. It solely means that blockchain will be far more well-known in Russia, and thus will have a greater impact on society once it’s been adopted by the government.

Blockchain technology is a seemingly endless solution to so many digital problems. Russia’s on board, but it begs the question–who will be next? Find out more below!

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