Russia’s countrywide requirements authority is working toward the standardization of blockchain and distributed ledger technology. Russia is Federal Agency for Technical Regulation and Metrology, called Rosstandart, has introduced the formation of a new technical committee tasked toward the standardization of the software program and hardware of distributed register and blockchain. In its statement, the Rosstandart noted that blockchain is actively spreading in its adoption throughout the Russian Federation.
The statement reads:
“Blockchain is a virtual platform that holds and verifies transactions in a public and comfy way based on decentralized technology. First performing as technologies that facilitate the mechanisms of cryptocurrencies, blockchain technologies are finding increasingly more fields of software around the world. In latest years, these technologies are very actively spreading within the Russian Federation.”
On an international scale, the worldwide company for Standardization typically seen because the number one global standards authority appointed Australia to lead a worldwide technical committee with thirty-five worldwide company for Standardization member countries to develop a uniform method to introduce international requirements for the technology. in March, standards Australia unveiled its roadmap to develop these worldwide requirements, overseen by technical committee 307 or ISO/TC 307.
Russia’s standards authority references these tendencies at the worldwide organization for Standardization whilst noting that it abstained from joining ISO/TC 307 on the time of its formation. The Russian Federation is now among twenty collaborating participants of the committee. The newly set up Russian technical committee will presuppose global cooperation with the international organization for Standardization committee.
Explaining its motives for operating toward its own standards, Russia’s requirements states:
“The standards are designed to raise the development of these technologies to a new stage by developing global cooperation, closer interaction, speeding up their acceptance by the general public, increasing the methods of their utility, and in the end growing confidence in such operations.”
The move by the countrywide standards authority to discover the standardization of blockchain comes at a time while the Russian authorities is actively thinking about the creation of policies for the decentralized technology in 2019. Herman Gref, chief executive of Sberbank, one of the Russia’s biggest bank by assets, has expected blockchain to see business programs on a national scale in years.