LLC NEWLAND technology / 28.06.2018

In Belarus, an information network on Blockchain technology

The National Bank of the Republic of Belarus has created an information network based on the blockade technology that can be used to solve a wide range of modern and prospective banking and non-banking tasks.
At the first stage, the blocking network will be practically implemented within the banking system of the country. Any bank or non-bank credit and financial organization of the Republic of Belarus can become the owner of the certifying network node of the lock-up. The Settlement Center of the National Bank is the administrator of the blocking network in the banking system of Belarus. In general, a self-regulatory mechanism for the management and development of the Belarusian segment of the block network has been created using the Council of nodes (owners of certifying nodes), whose members have equal rights.
The first example of practical use of the blockade network in the banking system of Belarus was the possibility of transferring information about the issued bank guarantee and directly the bank guarantee itself. Belarusian banks will soon be able to take advantage of this opportunity in accordance with the Resolution of the Board of the National Bank of the Republic of Belarus of July 11, 2017 No. 279, which came into force on July 15, 2017 and provides for the inclusion of blocking technology in the mechanism for transferring information on bank guarantees. A new mechanism for registering bank guarantees will facilitate the mutual access of economic entities of the member states of the Eurasian Economic Union (EAEA) to the procedures for public procurement of goods (works, services).
It is planned that the next stage will be the introduction of blocking technology on the securities market. JSC "Belarusian Currency and Stock Exchange" plans to use the block to maintain a register of operations with securities on the exchange and over-the-counter markets. Realization of the project will allow to form this register on a qualitatively new level, which will create conditions for increasing transparency and further development of the stock market in the Republic of Belarus.
The use of the block network in Belarus does not currently involve transactions with virtual currencies. At the same time, there is no conceptual restriction on the scope of the blockade in the field of information technology.
In the long term, this technology can be used both in the banking system and beyond to solve any other problems, including, for example, organizing work with "smart" contracts. With legislative support, information certified with the help of a network of detachments can later be used in a variety of activities that require information support - in business, office work, medicine, financial services, legal support and many other areas.
Information technology blocking has become widespread since 2008. A distinctive feature of the block is the decentralized structure of preserving identical blocks of information throughout the network, which provides built-in stability to errors, lack of centralized control and points of failure. The information stored in the network of the block system is transparent, since the shared database exists simultaneously on all computers that are part of the network. The records stored in it are public and easily verified. Network blockade can not be destroyed, since changing even a single piece of information requires the need to substitute information throughout the network.

The original article is posted on the website of the National Bank of the Republic of Belarus