Blockchain, which has become a foundation for Bitcoin system and is widely used all across the globe, can be successfully implemented in Ukraine for corruption elimination. Recently, the first Blockchain competence center has been opened in Kyiv thanks to Mikhail Chobonyan efforts (the co-founder of Ukraine’s Bitcoin Foundation) and American company Innovecs.
Blockchain is a digital platform for transactions recording and monitoring (without possibility of erasing any of the information) developed with the purpose of raising the level of transactions safety and reliability. There are various Blockchain variations involving different levels of complexity, but the crucial principle remains – it is a decentralized system, which provides transactions verification. Blockchain is currently being developed in the banking sphere, as it’s among the safest systems regarding information transmission and storing. Used in Ukraine’s governmental sector, Blockchain will assist in dealing with corruption schemes. Moreover, CEO of Innovecs mentioned the plans of connecting Ukrainian banks to Ripple Internet-protocol, which will protect financial transactions data.