Bank of Russia and market participants have developed Masterchain prototype and successfully made first test transactions
The Bank of Russia and the market participants continue to be active in exploring and developing new advanced technologies for the Russian financial market. These joint efforts previously led to the generation of a technical prototype for financial messaging, based on the distributed ledger technology. The new Masterchain was the next step along these lines.
The Masterchain is a networking tool for the market participants using the distributed ledger technology. It allows prompt confirmation of data actuality with respect to a customer and a transaction as well as fast creation of various financial opportunities for the market participants to provide game-changing products and services to their customers. Besides, the Masterchain makes it possible to speed up communication between the counterparties and assure required confidence in financial transactions.
‘The creation of prototypes and joint inquiry of applicabilities help both the regulator, and the market participants understand outcomes, estimate capacities, mitigate the risks of using different technologies, and decide on follow-up actions. This is a good groundwork for onward progress. We would suggest that the Masterchain will be under way under the auspices of Consortium for fintech development being launched by the Bank of Russia. We are planning to consider the use of the Masterchain prototype as a component of the new-generation financial infrastructure in the future.’ – Olga Skorobogatova, Deputy Governor of the Bank of Russia, says.
The biggest banks of Russia have made the first test transactions in the Masterchain.