They came to the conclusion that blockchain-based cryptocurrency (a type of digital currency controlled by cryptographic methods) "gradually ceases to be perceived by the public as a marginal payment instrument for illegal transactions." The survey has also demonstrated that this is happening thanks to industry solutions based on smart contracts.
Smart contracts are blockchain entities with their own code of functions that define a set of rules obligatory for all those involved in a transaction. That a financial transaction is performed in accordance with the set rules is guaranteed by a mathematical algorithm rather than a human, something that obviates the human factor.
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Besides, these smart contracts can regulate the making of a securities market without the involvement of a stock exchange or a clearing center. Healthcare is another sphere where smart contracts can be applied.
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Generally, both private and public companies have more and more trust in the blockchain technology. "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 said.
"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," she said in conclusion.
