An American business technology outsourcing company, Innovecs has announced launching the first Blockchain research centre in Ukraine.

The centre will be supervised by Mikhail Chobanyan, the leader of the Bitcoin Foundation Ukraine and an expert on cryptotechnologies.

“We believe that the new technological opportunities will help both the financial sector and state to 'heal', revitalize. Eliminating the influence of human factor on the process by introducing the technology, we will be able to achieve absolute transparency and safety,” said Mr. Chobanyan.

Innovecs CEO Alex Lutski shares these views, highlighting the possibility to use the blockchain not only on the international, but on the national level as well as means of modernising Ukrainian financial system.

“In the foreseeable future we plan to introduce the banks of our country to the Ripple protocol which can enable them to provide safer transactions, protecting the data by means of cryptography. Moreover, the system is likely to lower costs and make the transactions faster, as it is really transparent and needs no go-betweens.”

According to the data provided by the BFU, the country is among top 10 bitcoin users in the world; still, the Innovecs initiative is said to be the first project of that kind for Ukraine.

Maria Rudina