The partner Croc will develop a blockchain prototype for Vnesheconombank

After many financial institutions Vnesheconombank undertook development of the blockchain too. On December 22, 2016 VEB announced search of the contractor for creation for 3.5 million rubles of a prototype of the Digital Contract system which will have to be based on blockchain technology.^[1]

VEB selected the contractor for transfer of investment process to a blockchain

In February, 2017 the bank considered requests of participants. In total 3 proposals from the companies"I-Teco", "Croc Region" and "Sinimeks-Informatika" were submitted. The contract for 500 thousand rubles wanted to execute I-Teco, i.e. is 7 times lower than the initial cost of the agreement. However this request was rejected because of not compliance to requirements of documentation.

After consideration of the remained requests by the winner the Croc Region company, the partner of Croc system integrator was recognized. The agreement was signed on March 13, its cost was 3.25 million rubles.

Project Tasks

According to the tender documentation, this system is intended to provide reliable and safe registration and storage of key events of investment process. To it belong agreement signature, contracts and other documents, goods acceptance, works, services, payment confirmation.

The blockchain technology should guarantee impossibility of change of the signed and registered key events, said in the technical project.

Functionality of a system

Data entry, reliable and safe storage of texts of documents, in the long term control and the analysis of the contractual amounts and terms – are like that the main opportunities which a system will have to provide. It should have own user interface, in the long term a system should be integrated with other information systems.

Representatives of VEB, his clients, their partners, etc. will be able to use the Digital Contract system. And users will be able to provide the computing powers for functioning of this system, and in the long term – to earn a reward for it, as stated in the tender documentation. At the same time other participants of a system will pay the use commission.

User applications should function on desktop computers on Windows, and mobile version of the application should be in the long term developed for work running iOS.

The head of VEB Sergey Gorkov considers that in the future the blockchain can become very important for the Russian state

As well as in many last a blockchain projects which implement banks VEB is going to use private (closed, permissioned) a blockchain. It is, in fact, a distributed database in which the invariance of information is guaranteed. In particular, about one of system modules in the technical project it is said that it "should be isolated from others a blockchain systems on the Internet, implementing private a blockchain system".

The prototype of a system should have a possibility of its development to the full-scale version by expansion of a program code without its complete rewriting, said in documentation.

Customer's Feedback

It should be noted that in VEB called a blockchain the perspective project for state corporation even in the fall of 2016. Then the head of VEB Sergey Gorkov told that the state corporation considers the possibility of investments into creation a blockchain infrastructure in the territory of Russia – on the Kola Peninsula, in the Leningrad Region and in Moscow area.^[2]

On December 26, 2016 he reported that in January, 2017 VEB is going to sign the agreement of intent on application of blockchain technology in the territory of Russia.^[3] How exactly and in what projects it is going to use technology, it did not explain, but called the approximate amount of investments – $100-150 million.

In general the blockchain for the Russian state can become very important in the future, – the head of VEB noted.

Notes

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