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Saint Petersburg State University intends to develop a decentralized alternative to the international interbank system
St. Petersburg State University (SPbGU) has begun work on the creation of a “decentralized international system” of interbank financial messages “using blockchain technologies.” This was reported on the official website of the university.
According to Dmitry Shishmakov, director of the Center for Distributed Ledger Technologies at St Petersburg University, the system will allow exchanging financial messages with a “high degree of reliability”.
“At the same time, banks will not be afraid of negative consequences, and states will be able to pursue a more independent policy,” says Shishmakov.
At the same time, St Petersburg University admits that alternatives to SWIFT have already been created by the central banks of various countries, including Russia and China. However, according to the university, none of these systems “does not solve the issue of trust in it by all participants.” What kind of technology stack they intend to use in the development of a “decentralized” alternative to SWIFT, St Petersburg University did not specify.
However, the university assured that the system would be “independent”, since it would not be able to extract “direct financial benefits and create restrictions for a particular country or organization.” Whether they plan to use existing solutions like Hyperledger, Ethereum or the Bitcoin network for these purposes remains unclear. The timing of the development of technology is also unknown.
In September 2020, Rostelecom made publicly available the source code of the remote electronic voting system (DEG) of the Central Election Commission of the Russian Federation for public access on a large GitHub IT project hosting system. The blockchain itself, according to representatives of Rostelecom, plays the function of “immutability of information”, as well as “providing transparency”.
However, users almost immediately found various flaws in the DEG, which raise questions about the effectiveness of the use of blockchain technology and the credibility of such a system. For example, users noted that all nodes belong to one network member, and there are no independent observing nodes at all. Some also questioned the correctness of the vote count.
Recall that in early March, the European Union decided to disconnect seven Russian banks from SWIFT, including VTB, Bank Rossiya, Otkritie and others. Read about how the conflict between Russia and Ukraine will affect the blockchain industry in a special article by the editors of BeInCrypto.
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