The Russian development bank- Vnesheconombank (VEB) has made a deal together with the Kaliningrad’s regional government in order to design an advanced payment method based on the blockchain technology.

During the Russian Investment Forum held between 15-16 February 2018 in Sochi, the Governor of Kaliningrad Anton Alkikhanov and the VEB’s Chairman Sergei Gorkov had an official meeting where both signed the partnership agreement.

Alkikhanov stated on 16 February 2018 about its new collaboration that “We are confident that Vnesheconombank’s competence in the area of ​​technology blocking will enable us in the region to improve the quality of management decisions”.

On the other side, Gorkov related that “The Kaliningrad region is one of the most active subjects of the Russian Federation in terms of implementing advanced technologies that support the development of Russia’s digital economy”.

The VEB Chairman is confident that the use of blockchain technology will develop significantly the social environment. Also, his opinion refers to the necessary growing level of transparency inside the financial activities, the need to reduce the bureaucracy and to make the facilities more accessible and easier to use.

Their plans include the development of a new advanced IT solutions, named “blockchain-based social payments”, one of the main objectives being “to improve the efficiency of public and corporate governance”.

The Russian Vnesheconombank (VEB) is not at its first involvement in the development of blockchain technology. VEB has enjoyed of performance since 2017 when it decided to invest in a blockchain-research forum and testing digital strategies.