Media: Facebook will launch a coin «GlobalCoin» in the first quarter of 2020

The operator of the world’s largest social network Facebook Inc. will launch a new payment network based on its cryptocurrency in «dozens of countries» in the first quarter of 2020, reports the BBC.

The publication claims that Facebook consults with representatives of the Ministry of the Treasury and Governor of the Bank of England mark Carney regarding the initiative, codenamed Libra.

Simultaneously, the Financial Times reported that Facebook is already in talks about listing «GlobalCoin» on the U.S. exchanges Gemini and Coinbase. Thus, there is a certain irony, as brothers Winkelvoss, which belongs to Gemini, in the past has accused Mark Zuckerberg of stealing the idea of social network and subsequently sued him $65 million.

Sources told the publication that Facebook is in discussion with trading firms Jump and DRW prospects for market making and providing liquidity.

Earlier media reports claimed that the company is also negotiating support for the initiative with Western Union, Visa and Mastercard.

Testing the network allegedly planned for the third quarter of this year.

2 may Facebook registered the firm Libra Networks in Geneva, Switzerland. Her profile involves the development of infrastructure and software, particularly related to investment activities, payment transactions, funding, identity management, data Analytics, Big Data, Baccano and other technologies.

This week ForkLog wrote about what risks are associated with project Libra, given the long series of vulnerabilities and scandals that accompany Facebook in recent years. More details can be read here.

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Binance showed the updated interface with the option of margin trading

Leading on volume of trading cryptocurrency exchange Binance confirmed its readiness to launch margin trading. In his Twitter account the area showed an updated UI with a new tab «Margin».

Note, the screenshot shows a warning about the risks associated with trading on margin.

Nevertheless, while Binance decided not to show the immediate job of the new tools.

In the last 24 hours price Binance Coin (BNB) rose more than 8%, surpassing the mark of $33 and once again reached historical highs.

Recall that in early may, one of the users of the site found changes in the API of the exchange, suggesting the possible development of functionality associated with trading on margin. Later SEO Binance, Chanpen Zhao confirmed this information.

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Bonds? Sure! Societe Generale released instead of them tokens


French banking group Societe Generale has confirmed that one of its structures, Societe Generale SFH, 18 APR held release token standard ERC20, which was in its function identical to what is called secured bonds. In this issue of the tokens passed quietly: blockchain subsidiary company of the French banking giant was able to spend the debt deal in the amount of €100 million, and digital certificates settled on the balance sheet of the organization. But what is the «pen test», or we see that the Bank creates new rules of the game that would be global in nature — versed DeCenter.

Societe Generale got ready digital alternative to modern bonds

When it comes to tokenization of different assets, particular attention is paid to financial instruments. Only debt securities, among which the main place is occupied by corporate and government bonds worldwide are estimated at $243 trillion. Increase in debt load in 2018 fell sharply to $3.3 trillion vs. $21 trillion in 2017, but that doesn’t mean that the money ceased to be needed. The era of quantitative easing in the US and the EU is already beginning to come to an end, and although the regulators are in no hurry to raise rates, the second Eldorado in the form of cheap money, as it was after the global financial crisis of 2008-2009, should not wait. However, to learn to take in a situation when increasing VUCA (volatility, uncertainty, complexity and ambiguity — the volatility, uncertainty, complexity, ambiguity), you must.

In such a situation the decision of Societe Generale (the third volume of assets of the banking group of France) to begin to test the entry into the debt market with digital assets is logical. The blockchain removes all the troubles that arise in connection with the complex of negative feelings and that are increasingly swamping the global investment market. Moreover, for the Bank issue tokens was another step forward in the technology of the distributed registry.

The project has been in the works for months, and now Societe Generale is a tool that it will offer its current and future customers. And to avoid unnecessary «market noise» in the release of five-year securities with the possibility of extension for another year, the deal involved only the Bank itself, without involving other market participants.

Tokens vs classic bond: the last lose

The Bank, as underwriter for securities having the work on tokenization, signals: if you want to borrow on the capital market through traditional bonds, it is more efficient, less costly, more transparent and more reliable to do it through the emission of tokens on the blockchain that has the same functionality as the classic debt securities, which typically devote in textbooks on corporate Finance at least half of the text. However, these textbooks are already rewritten, so as to keep up with the progress — this is not hype, but a necessity.

The more that an important attribute of any securities of company audits. So, in the example of issue token Societe Generale gained the support of the French subsidiary of PricewaterhouseCoopers. In addition, garnered the highest rating of reliability of such tokens: Moody’s and Fitch put the rating on them at the level of Aaa/AAA. Moody’s emphasized that the use of the blockchain has a positive impact on the rating of such assets, as was a greater transparency of all financial processes, as well as decreased the risk of errors that occur when producing ordinary secured bonds, due to the complexity of interaction between various financial intermediaries, which in the case of issue of tokens is reduced to almost zero.

It is noteworthy that in the line of the blockchain offers Bank this is not the first product. The organization offers corporate clients trading services based on blockchain through the platform, and is the inspiration behind the blockchain platform komgo SA. With 2015, the Bank is actively working on a blockchain-theme: then the organization became a member of the working group which was established by representatives of the key institutions of the financial market of France, and in 2016, tested the capabilities of the blockchain for trading the largest trading volume in the world US Treasury bonds. The conclusion was simple: you cannot fully take advantage of the blockchain, before starting to work with him.

Why the Ethereum blockchain?

The April issue tokens to their place of «residence» was the Ethereum blockchain. This is largely due to the fact that the Bank think about the future of such services: it is not yet clear whether regulators in Europe the «green light» to launch or not. At the same time, the main research Institute EU technology the distributed registry of the European blockchain Observatory, recently sent a clear message: «the Ethereum blockchain is the most relevant way of tokenization», as stated by the Observatory Tim Weingartner. Of course, this does not mean that other blackany «rejected», but the popularity of the platform as well as personally Vitalik Buterin, who received an honorary doctorate of science at the Swiss University city of Basel, have become important arguments in its favor.

At the local level, the legal purity of the starting tokens guaranteed French law company Gide Loyrette Nouel. It is worth noting that the attitude of Paris to what is happening in the local blockchain-sphere, the new head of the company Ledger Pascal Gauthier describes with the words «lack of support». However, this is a significant step forward, from the indifference, which prevailed until recently, to the growing number of statements of the President of France Emmanuel Makron the necessity of implementation of blockchain technology. And in April of this year, France passed a law that allowed one of the key participants of the financial market — insurance companies — to invest in tokens, including those that launched the Societe Generale.

Of course, the Bank itself is not the aim of development of different blockchains to have grown in popularity not only Ethereum and other networks, but it will definitely happen, and in this respect the rights of Eric Jackson, CapLinked head, which expressed the hope that. I’m sure that Societe Generale will eventually promote the production of tokens as an alternative to the traditional borrowing and the expert of the Institute of Mises, Kathleen long, who along with a group of like-minded people have found a common language with the authorities of Wyoming and promoted legislation which opens up a cryptocurrency business in the same environment for development as for traditional companies.

New standards: goodbye, classic securities and other instruments

Curiously, despite the fact that in Societe Generale declined to say when it will launch a new product, the company noted that the transaction «has the goal of creating new standards for the issuance of debt securities, and how they will function after their placement».

The phrase «new standards» in an amazing way recently voiced by representatives of the largest Bank of Thailand — Siam Commercial Bank, which announced the successful testing of the blockchain when performing operations with the state oil company PTT Exploration and Production Public Company Ltd. It was stressed that the lender sees in financial transactions on the blockchain «new standards» for the banking sector.

However, a key obstacle for the rapid development of the process of tokenization is not only unclear legal framework in most countries of the world, but the current corporate culture of companies operating on wall street openly stated Emmanuel Wade, head of digital assets to Swiss Bank Credit Suisse. The expert noted that progress began to be observed only in the last months, when many top managers are faced with the fact that those competitors who implement a blockchain to achieve a significant reduction in operating costs. It has also become an additional incentive for frédéric Oudéa, head of société générale, whose shareholders may 21, will be considered at the General meeting the question of the extension of the contract for the next four years.

Blockchain and tokenization for survival

But not only competition between banks forces players in this sector to consider introducing blockchain technology and tokenization to traditional financial instruments. The realization that cryptocurrency businesses can fully compete for customers, has come, and here we see two reactions.

The first, which, alas, followed by the major players in the global financial market is to use the blockchain to «replay» the cryptocurrency business on his own field, while giving my competition a head start in the form of unclear rules of the game. The other position is, and Societe Generale, and Bank Thai giant Siam Commercial Bank: to introduce the blockchain and perform the tokenization, because this work is in the interests of the shareholders can get more net profit by reducing running costs and increasing the client base. This approach will eventually be the main in order to stay afloat.

Even large banks and other representatives of the classical financial world in an attempt to convince the world of the uselessness of technologies such as the blockchain will be similar to office workers who are defending their right to work on typewriters instead of seats behind the computers connected to the Internet.


How to look like a decentralized Facebook


Mark Zuckerberg brought Facebook to the capitalization of $538 billion through a centralized management system. Social platform closed-source one and a half decades have used the news feeds of users for maximum advertising benefit, directing the profit Zuckerberg and shareholders.

It is known that Facebook uses its proprietarily, the main instrument of Central authority, for delivery to the target audience to advertisers. Also ideal for the advertising system of likes and shares, functioning autonomously.

And allegations that Russia used Facebook to influence elections in the United States, is notable mainly because such a thing can be assumed — and this again demonstrates the power of Facebook.

The appeal of 4 January on the annual «personal challenges», Zuckerberg called «one of the most interesting technological questions of» centralization and decentralization. According to him, «many came to techsphere because I believe in the power of decentralization, which will transfer power into the hands of the people.»

Later, however, as noted by Zuckerberg, many have lost this faith, watching as a few of the large technological corporations together with the government centralizes power and using technology to control. In this regard, «an important contratrend» billionaire believes encryption and cryptocurrency, while noting the associated risk loss of control. CEO’s Facebook post concluded with the promise «to study the positive and negative aspects of technology and understand how best to use them» in the services platform.

In another post, Zuckerberg wrote that Facebook has always put a priority on «friends and family», «personal relationship,» but «according to recent feedback from the community, public content — posts about business, brands and media replacing personal moments.» According to Zuckerberg, the balance has shifted over the past few years due to «the popularity of the videos and other public content.» The CEO of Facebook said that now the focus teams will move from relevant content on social interaction, and in the news feed you will see the «more information from their friends, families and groups» and «less public» content.

Following this announcement the company’s shares fell by 4.13%: the more Facebook decentralised, the less income will be from the shareholders. On the other hand, the outflow of users because of dissatisfaction with the current policy will lead to the same.

So, in mid-December a complaint to Facebook policy filed by the American Karin Vainio, saying that the tape was hiding the news about the illness of her friend, allegedly because he was not too active in the network. As a result, she learned of his death only a few days.

Zuckerberg also concerned about the growing dissatisfaction of the users and the expert for cyber security Bruce Schneier once said: «do Not be misled into thinking that you are a user of Facebook — you are the product».

Michael Casey, senior Advisor, blockchain research at MIT, believes that the solution may lie in the cryptocurrency. He suggests that Facebook can collect a large pool of tokens during a pre-lane, to distribute a significant proportion of the shareholders, and the remaining tokens to keep in reserve, creating with their help the system to reward users for popular content. Advertising on the platform will also licenzirovanie. Thus, both shareholders and users will benefit.


Ethereum-enhanced privacy: what will it be?


The myth of the privacy of bitcoin long ago debunked. Guard of anonymity, there are such crypto-currencies like Monero, Dash, Verge and zcash for (it is Edward Snowden was identified as the most interesting cryptocurrency because of the «truly unique» characteristics of privacy). «King» does not suffer from such roles — his loyal subjects appreciate his other qualities. In addition, many mixers, applications for anonymization that are «mixed» coins from various transactions and send the right amount of coins (already not tied to your wallet) to the address specified, achieve a high level of anonymity, even when using bitcoin.

However, Ethereum are all clearly takes a different stance on the issue of privacy, and this is partly because the nature of its application. Today on the Ethereum blockchain works 1763 decentralized applications, many of which are interested in the privacy of transactional data. In February 2017 was formed by a consortium of Ethereum Enterprise Alliance (EEA), one of whose main tasks is to adapt the public blockchain Ethereum for corporate use. In early may, the EEA presented the first results of the work — a standardized architecture of Ethereum applications. Then the Executive Director of the consortium Ron Resnick said that «the biggest internal dispute» in the EEA was around the aspect of privacy, namely around how much information must be transmitted in each case. One of the members of the consortium, the financial holding company JPMorgan Chase, introduced to your corporate blockchain Protocol proof zero-knowledge — Zero Knowledge Proof — which is the basis of the zcash for cryptocurrency. EEA has not yet provided standardized mechanisms for privacy protection: «There are various ways to implement this idea: this can occur in the core network or offscan or there,» said Resnick, also noting that JPMorgan is actively involved in the development.

Meanwhile, another 5 projects are ready to offer their services Ethereum to increase privacy.

Secret store Parity

The second client Ethereum — Parity — in may introduced a private transaction functionality that allow you to create encrypted smart contracts. These transactions have the characteristics of exclusivity, that is, their status is only a limited number of approved participants, among which are distributed the keys. «Private transactions are, in essence, smart contracts, and the code, and the state of which is encrypted. First, the transaction is offscan a certain number of validators (established by contract), and they all have to come to an agreement on a new state, and then you take a new encrypted state with the signatures of all the validators and update the status of onchan. The separation of keys using a cryptographic scheme that allows a number of parties… safely to obtain parts of the key from the place that we call the secret store,» explained the developer Parity on Reddit.

Conclusion in onchan allows you to work with a contract in a real core network, while not revealing its data and status to all users of the blockchain. Jutta Steiner, CEO of Parity Technologies, notes that the new software encrypts the vault, and the code of the smart contract, that is provided that you trust the chosen key holders, «it provides privacy to any transaction which the contract models and performs».

In may, Steiner reported that ACCORDING to a secret storage is already being tested in partnership with an international pharmaceutical company that used it in the supply chain. July 25 Parity published a guide describing how to configure a secret storage with three nodes.

«I believe that the blockchain is strong by itself, but it becomes even more interesting when you combine it with other encryption technologies to make this finally the perfect anonymous computer, global computer on which you can rely and that [it] fast,» said Steiner in conversation with Coindesk.

Secret contracts Enigma

Enigma — the privacy Protocol for the creation of decentralized applications with the functionality of a secret contract that allows you to share sensitive information with third parties, without putting the data at risk and protecting them from government surveillance or disclosure due to hacker attacks or leaks. Co-founder of Enigma Kahn Kishon believes that Ethereum startups developing solutions in the field of voting, geolocation, social media and identity, suffer from the radical transparency of the blockchain, while the technology Enigma «allows you to create a truly decentralized secure applications, solving the problem of privacy».

According to members of the project, «a critical component to the success of the «smart economy» and the blockchain» is the ability of decentralized applications to analyze the data, keeping them completely private. The solution offered by the Enigma that is the decision of the second level, ofcan network with the use of «secret contracts» that hide data from the GBR network. In the mechanism of secret contracts and implemented the concept of «safe computing» — a set of technologies that allow computing with encrypted data.

«It can be thought of as a black box. You send any data they come in a black box, and back out only the result. Real data is never disclosed — either to the outside or the computers that carry out calculations inside» — says the guy Susskind, a member of the Media lab at MIT and CEO of Enigma.

Enigma encrypts the data, splitting them into several components and randomly distributing them in a hundred node network. Then each node performs calculations on the basis of the received data block, and ultimately only the data owner can combine the calculation results and decrypt them using the decryption key.

Oz Nathan, a member of the Enigma team, believes that guaranteed privacy will encourage app users to disclose more personal information: «Nobody wants to give their data to some company, not knowing what they will do with it,» says Nathan.

Secrets with a temporary lock

Kimono is a privacy project that aims to combine encryption with game theory. It was created in may, 36-hour Ethereum hackathon, held in Argentina.

Kimono uses a scheme of secret sharing Shamir cryptographic algorithm «restoring the mysteries», which allows to share information among the participants so that decoding is possible when combining data from all participants, and combines it with the incentive system, which is responsible for ensuring that participants disclose in a set time. If users try to cheat the system, falsified data, or revealing them too early, they are penalized.

«We believe the concept of temporarily blocking an important primitive (a basic element used to build more complex solutions. — DeCenter), and we would like to improve it and bring it to a level where it will be really decentralized and bestrasova,» said Feridun MERT Celebi, one of the founders of the Kimono. In his opinion, the scheme of incentives can be extended so that time was not the only variable that «releases» the secret: it may also be disclosed after a certain event or after a number of conditions, is made on the blockchain.

Currently running in a test Ethereum — Rinkeby.

EIP 1024

Proposal for the improvement of Ethereum EIP 1024 owned by the developer to Tope Alabi and represents another method of data encryption. «EIP 1024 allows you to generate key pair encrypt using your private key Ethereum. Then this new encryption key pair can be used for secure data transfer to any Ethereum address,» said Alabi in conversation with CoinDesk.

Thus, in the case of the adoption of this proposal, it will spread its influence to the whole of the Ethereum network. «This means that application developers don’t have to worry about how to develop mechanisms for the different implementations of encryption — they can just do their application,» says Alabi.

In his opinion, the solution to the problem of privacy will provide an influx of «next billion users on the blockchain»: «In the world of the blockchain where your public and private keys are essentially your digital identity, you need a way to transmit sensitive information so that it could not be censored by any centralized authority», — stressed Alabi.


The latest proposal to improve privacy Ethereum was presented during the Symposium on technologies to improve privacy (PETS), held last week in Barcelona.

It is assumed that Mobius will improve anonymity without the traditional compromises in the form of increasing the cost of transactions, or requirements to increase the amount of memory. Transactions that use the Mobius, are only slightly more expensive than the standard Ethereum transactions (according to the simulation, about $0.06), and their execution takes milliseconds.

Mobius will be able to hide the address of the sender and receiver to implement it cryptographically bestrasova way. Technically, this functionality is implemented in a cryptographic mechanism, ring signatures: it allows you to hide billing information, payment information mixing all the participants of the contract and the Mobius is in fact acting on the principle of the mixer. This new project promises not have the drawbacks of decentralized maksimovym services that require you to spend a large part of offscan or processes to perform many actions on the blockchain, which slows transaction processing and increases the fee.

Also Mobius implemented Stealth-keys — the kind of «darkened», but confirmed addresses that allow contracts to Mobius safely communicate (to send each other challenges and to share information).

Solutions implemented in Mobius, have compared with the technology of privacy Monero, which also uses the mechanism of ring signatures and Stealth system disposable addresses.

While the technology is not available to users of Ethereum, but the implementation Mobius open source was published by the British blockchain startup Clearmatics and, according to Rebecca Mercer, co-author of white paper Mobius, its implementation in Ethereum is not technically difficult. «Clearmatics is the full code, so you can literally just paste it into the Ethereum blockchain. Also they have a manual, so it is fairly well developed,» said Mercer in a conversation with Coindesk.

However, Mercer said that at the moment she is not aware of any attempts to introduce Mobius in the public blockchain Ethereum. And, in her view, this is surprising, since the demand for bitcoin-mixers are quite high.

Mercer suggested that the reason for the low interest Maximova service for Ethereum that making payments is not the main scope of Ethereum: «I think it has to do with how Ethereum is used today. It’s not what people expect — people don’t plan to use Ethereum for private transactions. It’s just not his trade offer — it is designed for decentralized applications, companies, traders and cryptococal» she said Coindesk.

However, Mercer also recognizes that the Mobius at the moment is not so convenient from the point of view of the user experience: «I Think mass adoption will require a user interface that is easy to pick up your anonymity, but the backend will check to see if you made a mistake, and then you can just carry out a transaction in one click,» says the researcher.

And though Mercer has doubts about the popularity of the anonymizer for Ethereum, the «more anonymous Ethereum» is a very influential supporters: «I am inclined to [need] privacy is much stronger than a couple of years ago,» wrote Vitaly Buterin in may on Reddit, and therefore there are all bases to believe that the efforts of the privately-oriented projects (at least some of them) will find its wide user.


Media: the major Telegram network Open Network will launch in the third quarter

Blockchain-platform Telegram Open Network (TON) will start in the third quarter of 2019. It is reported by The Block with reference to the project investors, who allegedly received a letter with this information.

According to the documents, the testing platform was successfully completed. The results confirmed the compliance of the blockchain and algorithm of the consensus stated in the white paper goals.

«The testing period re-affirmed the confidence that the virtual machine is TON and the consensus algorithm is able to achieve the goals described in the original white paper», — said in a letter to investors.

Recall that a closed test TON was launched in April. Possible blockchain platform was tested by several professional teams, consisting of developers from around the world, including from Russia.

Finally, the platform must be started no later than 31 October 2019. Otherwise, all agreements for the purchase of tokens Gram with investors of the project will be cancelled.

ForkLog did a detailed review of decentralized sites TON and the upcoming launch of cryptocurrency Gram.


Acne Buterin proposed to mix an Ethereum transaction for greater privacy of users

Ethereum founder Vitalik Buterin proposed to allow users to mix transactions for hiding addresses when sending fixed amounts. According to him, implementation of this architecture would not require changes at the level of basic Protocol. About this he wrote on Hackmd.

So, explained Buterin, at this point, users have only two options transactions: with a single address (all activity is easy to track using browser blocks) and each time with a new (awkward and inefficient method of concealment activity).

The Creator of Ethereum, believes that it is necessary to create two smart contract «mixer and registry repeaters», with which users can carry out transactions through private anonymous relay. The latter implies that the recipient of the funds does not know from whom they came, but he knows that one of the n number of addresses.

Buterin added that the relatively high Commission is justified in that case, if you need to hide the address that contains all your tokens.

The Creator of Ethereum has published a white paper Protocol zkSNARKs elliptic curve, which does not involve a trusted setup.

We will remind, in February, researchers at Stanford University and Visa Research has introduced a mechanism to ensure privacy for the smart contracts in Ethereum.

The solution is named Zether and is a new smart contract which can be executed both individually and through other smart contracts. Zether stores the encrypted data on account balances and gives you the possibility of making deposits, transfers or withdrawals by means of cryptographic evidence, while transaction fees are 0.014 ETH.


Acne Buterin Mixing Ethereum transactions will help privacy of users

Ethereum founder Vitalik Buterin proposed to allow users to mix transactions for hiding addresses when sending fixed amounts. According to him, implementation of this architecture would not require changes at the level of basic Protocol. About this he wrote on Hackmd.

So, explained Buterin, at this point, users have only two options transactions: with a single address (all activity is easy to track using browser blocks) and each time with a new (awkward and inefficient method of concealment activity).

The Creator of Ethereum, believes that it is necessary to create two smart contract «mixer and registry repeaters», with which users can carry out transactions through private anonymous relay. The latter implies that the recipient of the funds does not know from whom they came, but he knows that one of the n number of addresses.

Buterin added that the relatively high Commission is justified in that case, if you need to hide the address that contains all your tokens.

The Creator of Ethereum has published a white paper Protocol zkSNARKs elliptic curve, which does not involve a trusted setup.


The threat named in which the control of traffic in the Internet goes to the Roskomnadzor

The Ministry of communications and listed the circumstances under which one can ensure Autonomous operation of the Runet. A draft decree published on the government website.

The draft resolution of the government of the Russian Federation by ForkLog on Scribd

This list includes:

  • threats to the integrity — the inability to establish a connection between users;
  • threats sustainability — the disruption of the network when failure of the equipment, natural or man-made disasters;
  • security threats, attempts to hack the hardware providers or to have a destabilizing internal or external information impact on communication networks.

To counter these threats, the management traffic may be forwarded to the operator or other owner of the network or Internet exchange point. As the variant will be introduced centralized management of network of General use. If the probability of the threat is assessed as high, management of the traffic itself will take Roskomnadzor.

«In the case of emergency response the Agency will not notify providers, and has installed technical means of combating threats,» the document reads.

It is not excluded that the list of threats may be expanded in coordination with the FSB.

It should be noted that while it is unclear how to work amendment — the text contains a number of references to regulations that do not yet exist.

We will remind, the law «on ensuring safe and sustainable functioning» of the Internet in the territory of the Russian Federation» adopted by the state Duma and the Federation Council approved in April. On may 1 he was signed by Vladimir Putin. Some provisions of the act will come into force from November 2019.

Earlier, mobile operator MTS has started testing equipment to filter traffic, the use of which is covered by the provisions of the law.


Rostec presented a road map for the implementation of the blockchain in the Russian economy

Rostec presented a road map for the development of the blockchain in Russia in the framework of the state program «Digital economy». In the creation of the document took part the Novosibirsk Institute of program systems (NIPS), and command Waves. According to preliminary calculations, implementation of a distributed registry in the state system may require up to 85 billion rubles, according to Kommersant.

Thus, according to the document, the blockchain is proposed to use in all information systems of the state, including the voting at the municipal level and monitor the spending of budget funds.

The paper also highlighted priority areas for the introduction of technologies of the distributed registry.

«They got only five, but we do not believe that they need to be limited. Now it is financial and insurance activities, transportation and warehousing, public administration, health care and manufacturing. In fact, all those markets where there is a huge number of partners, supply chains, and where their reduction is a priority. Also a distributed registry could possible to get rid of the shadow economy», — said the head of the project office for the digital economy Rostec Timur Boronbaev.

It is expected that work on the implementation of the blockchain will require from 55 to 85 billion rubles. The funding sources in the document are not named.

Note that imposing such costs, according to INPI, is justified. It is expected that by 2024, the economic effect from implementation of the technology will be 1,635 trillion.

Meanwhile, some experts have said that yet assess the impact on the economy from implementation of the plan for implementation of blockchain is quite difficult. In addition, this plan may face a serious obstacle in the absence of legislative regulation of the industry in Russia.

In addition to potential problems with the regulation, in the implementation of technology can also occur and other difficulties.

«One of the main challenges for implementing systems of the distributed registry within the corporate and public sectors is finding the right projects to implement and achieve the effects — economic, social, meeting the challenges of data security», — said the Director for special assignments of Rostec Vasily Brovko.

Despite this, in the NIPS in the successful implementation of the road map I believe. The authors of the document expect that the implementation of the blockchain will allow you to reduce costs as a result of optimization of business processes, as well as to raise the level of public confidence in the governance process.

In the NIPS believe that the Russian industry platform and solutions by 2024 will be «world leaders in the number of connected participants». The roadmap States that at the moment a large part of the industry solutions has been created in Russia with foreign platforms with open source, such as Hyperledger or Ethereum.

However, INPI said that it «is not a sign of dependence on foreign decisions,» since access to the source code may not be restricted for political reasons.

Recall that the creation of a road map for implementation of the blockchain will take Russian company Waves Platform and Novosibirsk Institute of software systems, it became known in April.

It is expected that the activities for implementation of the stated plan will begin in the third and fourth quarters of 2019.

Earlier, the blockchain is an expert consultant to the government of the Russian Federation on the issues of the digital economy Dmitri Kosten statedthat the document has a number of disadvantages and can negatively affect the country’s sovereignty.