The latest Blockchain news is that The Central Bank of Republic of Belarus had announced on 19th July 2017 of implementing the Blockchain Technology into the country’s securities market. The National bank is of the opinion that the Blockchain Technology holds tremendous potential of heralding a massive development in Belarus Stock Market by ushering in transparency and improvised conditions in over the counter dealings.
Thus the bank has set up an information network based on Blockchain mechanics which shall provide ownership rights of the verifying node to Banks and Non-Banking Financial Institutions (NBFC). Owners of the verifying nodes shall exercise equal rights while carrying on management of the network. The National Bank has appointed its Settlement Center as the administrative body for looking after the said mechanism.
NBRB also stated that JSC ‘Belarusian Currency and Stock Exchange is materialising strategies for making use of Blockchain technology in maintenance of transaction registers dealing in securities traded in the OTC and Stock Markets.
To kickstart the inclusion of Blockchain network in Belarusian banking fraternity, the esteemed bank zeroed on registering and transferring issued bank guarantees. The Blockchain network of NBRB has not yet given its nod to virtual currency transactions but given its mammoth presence in IT space there are high chances of a possible inclusion in near future. The bank also has its eyes set on integrating executable distributed code contracts down the line to expand support to miscellaneous front end and back end operations. NBRB hopes to carry out economic activities of international level within the Eurasian Economic Union (EAEU) platform in days to come.
Recently, KryptoMoney.com also published an article about The State of Delaware adopting Blockchain Technology in it’s Equities Market. (click here to read the article)
The Blockchain technology can be put to use in tackling ‘smart’ contracts of organisations along with banking spectrum. Once the technology receives a solid legal platform it can also be used in various other sectors such as record management, legal support, medicine, business etc.
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