“Vnesheconombank has presented a blockchain-based model of the real estate business to the government head of the Russian Federation Dmitry Medvedev,” as reported by the VEB press service.
The demo version imitated the real property conveyance within a blockchain. The prototype has been developed by the joint forces of the Russian Federal Service for State Registration, Cadastre and Cartography and the Russian Agency for Housing Mortgage Lending. In the future, it would also help to issue a mortgage. According to Dmitry Medvedev, the work on this project has to be continued.
“Promising business projects should also use repayable tax financing. Of course, in cases where it is possible,” added the Prime Minister.
According to Vladimir Demin, the Counsellor to the VEB President, the main aim of the project was to analyze the technology potential and adapt it to the Russian realities.
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