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Russian Prime Minister Eyes ‘Big Changes’ From Blockchain Tech

The Russian prime minister has become the latest world leader to speak to the virtues of the blockchain, and its potential impact on a number of key industries and government processes worldwide.

Dmitry Medvedev, also the country’s former president, said that he envisages "big changes" from blockchain technology, as it continues to develop into a viable resource for businesses, governments and central banks.

Speaking at a conference for investors held in the Russian resort of Sochi, the prime minister fell short of a wholehearted endorsement for the blockchain. With previous pronouncements on the technology, it has long been clear that he holds opinions about the use cases which could most stand to benefit from it.

However, recognizing the importance of the technology and its potential for widespread process disruption and efficiency gains, Medvedev said that he would not stand in the way of those seeking to develop the technology further.

"I'm not against the use of technologies that have become widely circulated and which may thus decisively change our lives. It's quite an interesting story, but so far we do not see results."

While blockchain technology has been widely discussed, and hyped across a number of key industries and sectors, it remains still in a development phase.

Startups, banks, governments and other stakeholders are already working together on a number of collaborative blockchain projects, as well as those developing their own infrastructure and systems to make use of the technology.

The blockchain is a network of transactional data, taking the form of a decentralized, distributed ledger, which records data and transactional information in a more efficient, secure way.

The somewhat lukewarm endorsement of the Russian prime minister follows on from more positive words from former British prime minister David Cameron, who also spoke this week to the benefits of blockchain technologies.

It is thought that the blockchain could revolutionize data handling and reporting across several major industries, including the automotive sector, banking, trading, commercial real estate and property rental, and a wide range of others.

While 2017 so far remains a developmental year for the technology, the prime minister’s words come at a time when analysts are expecting this rapid development to gradually translate into working, market-ready, industry-specific models of blockchain systems.

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