July 15, 2017 a new provision №279 of the National Bank of the Republic of Belarus dated July 11, 2017 came into force stipulating incorporation of blockchain technologies into the general mechanism of banking data transmission.
The newly created information network is going to be used in a wide range of current financial processes and business matters. Initially blockchain technologies will be implemented only within the frame of the national banking system, however it is expected that in the near future it will also cover non-bank sectors too. It is also projected that the said technology will be used in different types of activities that potentially require data intelligence and constant provision of information.
Any bank or any non-bank financial organization of the Republic of Belarus may acquire such a blockchain network. The financial settlements center of the National Bank of the Republic of Belarus was appointed as the main administrator of the said banking network based on block chain.
As can be seen from the above, there was created a self-regulating control and development mechanism that also involves participation of certification authorities. According to the new provision, this opportunity will be soon available for all the banks of the Republic of Belarus.
The new mechanism of banker guarantee record will ensure mutual access of different economic entities (predominantly members of Eurasian Economic Union) to public purchasing of goods and services.
As representatives of the National Bank of the Republic of Belarus point out, it is already planned to start introducing blockchain technologies to the securities market. The Belarusian currency and stock exchange is going to use them in keeping the record of the national investment dealings. Due to this new possibility the national stock market has all chances to move towards its more transparent functioning. However, block chain still won’t be used in virtual currency transactions on the territory of Belarus.
Briefly about blockchain
Blockchain is a continuous sequence of information blocks lined up in a certain formation. The notion of blockchain usually implies cryptocurrency transactions, however such chains of information blocks might contain other data. Initially this notion was used as the name of Bitcoin data base. That’s why frequently block chain is associated with this type of cryptocurrency.