The Assistant Professor Diana Stepanova from the Department of Finance and Prices, the survey found that general interest towards blockchain technology and the cryptocurrencies which hold the “gradually ceases to be perceived by the public as a marginal payment instrument for illegal transactions.” The survey also displayed that business-relevant applications for EDCCs, or smart contracts, have played a role in this shift in the public.
“The technology’s success is due to the fact that it makes it possible to store information in a distributed state rather than on just one server. This advantage is of particular value when financial confidentiality is required. Blockchain keeps records of all transactions users perform in various blocks, while distributing them in a network composed of millions of PCs.”
Stepanova includes that the EDCCs can have a beneficial impact on a wide variety of industries, and the dynamics of a decentralized social medium with a cryptocurrency supporting it would put account control in the hands of the users, possibly creates an income channel through advertising.
“In a few years’ time, it is quite likely that the blockchain technology will become an industrial standard, and Russia must be ready for that.”