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Novel Blockchain Banking Technology Trends Renovate Russian Fintech Sector

Blockchain banking technology trends have brought in a reformation in the banking sector which is shuffling the top players in the list. The latest new entry in the list is Russia which is the biggest country in the world by size and also an influential political player on the map. It is considered as a conservative country but there is another side of it which has massive growth opportunities in the fintech sector. Russia has made to the top of the list with the help of blockchain technology which has been a major attraction for the budding engineers.

As a matter of fact, most of the blockchain developers speak Russian besides English and Chinese. The Russian market has embraced both cryptocurrency and blockchain technology which has made it one of the foremost destinations of blockchain communities and development centers. This country is the home of many prestigious blockchain events and forums as well.

Russian Association of Crypto Industry and Blockchain revealed an intriguing statistical figure which shows that more and more Russian companies are indulged in mining and the figure is soaring up continuously. Another factor that has made the acceptance of blockchain easy is the rapid advancement in the banking sector. The fintech growth has enabled many modifications in the blockchain banking technology trends which have made the operations quite easy, transparent and secured than earlier, as mentioned by Today.

Blockchain Powered Banking Facilities

According to Cointelegraph, the Russian subsidiary of Raiffeisen Bank International has collaborated with local state-owned oil firm Gazprom Neft for the issuance of bank guarantee through a blockchain driven platform. The system is said to be developed by Raiffeisen which has a deep resemblance with the bank’s blockchain platform, which is dubbed as R-chain.

The Russian subsidiary of Raiffeisen has already conducted a successful trial of their system by issuing an electronic mortgage using local blockchain powered system Masterchain. Blockchain banking technology trends have ranked Russia in the top of the list with its rapid adoption and acceptance in the mainstream.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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