The National Bank of Belarus to Use Blockchain for Security Bonds Ledger

News and Analysis

Speaking at the international conference Digital Banking, the first deputy of the Belarusian National Bank’s board Taras Nadolny stated that the bank will use blockchain technology to create a security bonds ledger.“Today we witness banks actively using innovative technologies like Big Data and blockchain. The National Bank also intends to move in this direction to meet the demands of our time. For instance, we have decided to create a security bonds ledger using blockchain technology,’ he said.

He added that the technology would also apply to the securities trade ledger.

Mr. Nadolny reminded that the global banking industry actively uses innovations like biometric technologies in remote servicing of customers; fast online payments systems; development of crowdfunding economy; and employment of the artificial intelligence in banking.

“The National Bank is convinced that maintaining continuous growth of a nation’s financial industry requires active involvement in the changes and implementation of new business models. Banking innovations should be aimed not just at creating and using new products and services, but also at diversifying the existing ones,” he added.

The Digital Banking conference in Belarus’ capital of Minsk was organized by the National Bank of Belarus in cooperation with scientific and technological association Infopark. The event features spokespersons for foreign fintech companies, and digital finance experts from Belarus, Ukraine, Russia, and Kazakhstan.

October 2016, the National Bank of Belarus announced two project featuring blockchain technology, namely a security bonds ledger and a securities trade ledger.

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