Russian Blockchain Based Technology Increases Transaction Transparency

27 September 2016

Russian Blockchain Based Technology Increases Transaction Transparency

A new step towards transactions transparency is made in Russia. WhiteMoney project, based on blockchain technology, allows to track e-money movement and to increase the transactions speed between legal entities.

According to WhiteMoney technology, every rouble is specially marked to make it possible to trace the “tail” even through several transactions. This is a radical solution aimed to prevent laundering of income obtained by criminal needs and terrorism financing on the one hand. On the other, it is a hand of support to small businesses as the transaction time reduces from three working days to one hour.

WhiteMoney is both a website where you can track transaction history and a mobile app for money transfer. Produced at Hackathon in the University of Innopolis the website belongs to a group of developers from Modulbank.

What is blockchain?

It is a technique of information storage and protection with the aid of distributed data bases. At the core of technology lies a constantly ongoing chain of digital records. This results into blockchain’s highest immunity to falsification, revision, security breach and pilfering of information.

Vladislav Martynov, Yota Devices co-founder and BlockGeeks (platform for blockchain experts) investor, considers blockchain to be one of the most perspective technologies. He also mentioned that such projects as WhiteMoney could contribute a lot to controlling the budget allocation and to preventing corruption.

In August 2016 Swiss NGO World Economic Forum along with Deloitte consulting company reported that blockchain technology had raised almost 1.5 billion dollars of investments from 2013 to 2016 worldwide.

Blockchain is expected to be put into service by 80% of global banks in 2017.

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