Intended blockchain technology applications in Belarus explained

The blockchain technology will be used in Belarus for keeping bank guarantee registers and enabling stock market transactions. Using the technology for smart contracts is under consideration, BelTA learned from Alexander Timoshenko, Head of the Information and Public Relations Office, Press Secretary of the National Bank of the Republic of Belarus (NBRB).

Digital transformation of the national economy is a priority set by the program on Belarus' social and economic development till 2020. The government, the central bank, the Operations and Analysis Center under the President, the administration of the Hi-Tech Park are working hard together with assistance of many other state and private institutions to enable legal conditions and shape the business environment conducive to the development of information technologies. The decision to use the blockchain technology as part of the national banking system was the first practical step.

There are plans to start using the blockchain technology for keeping the register of bank guarantees. Making the blockchain technology part of the stock market transactions will be the next step. In the future the technology can be used for any purposes that require information support, said the official.

Implementing the smart contracts technology will be as important. The Hi-Tech Park in association with the law firm Aleinikov & Partners and the central bank of Belarus are working on legal aspects of the project's implementation.

The introduction of the blockchain technology in Belarus is viewed as a positive step by Alexander Mukha, an analyst at the research group BusinessForecast.by.

As part of the register of bank guarantees the blockchain technology will give investors and creditors better access to information about the financial and economic activities of Belarusian commercial entities and banks. It will help further develop the Belarusian stock market by improving the information transparency of the operation of companies and banks. Investors will be able to better assess risks and make wiser decisions on operations with securities.

An interagency working group involving representatives of the Hi-Tech Park administration operates under the aegis of the Belarus government with a view to preparing a legal act on the digital transformation of the Belarusian economy.

The introduction of the blockchain technology as part of the register of bank guarantees will allow greatly expanding the spectrum of data stored by the register and its functional capabilities. For instance, the register will be able to keep not only information about issued guarantees but guarantees themselves if the legislation allows it or parties involved in the guarantee relations agree to it.