BTC Wires

Blockchain Implementation Discussed at the 10th BRICS Summit

BTC Wires: An association of state-owned development banks has embarked on a mission to study blockchain technology in order to implement it in the international trade and related sectors. An agreement was signed on July 25(yesterday) at the 10th BRICS Summit between the 5 involved nations to uphold a collaborative research on distributed ledger system and blockchain technology. Held at Johannesburg in South Africa, the summit hosted a consortium comprising of the Brazilian Developmental Bank-Vnesheconombank, the Export-Import Bank of India- Exim, the China Development Bank and the Development Bank of Southern Africa.

For the lesser informed, the collective of Brazil, Russia, India, China and South Africa is also referred to a BRICS. Although the 10th BRICS Summit summed up the stance of the involved nations on several matters like bettering financial relations and development of credit card based financial tools. However, blockchain research and the avenues for its implementation remained a prime topic of discussion.

Mikhail Poluboyarinov, First Deputy Chairman and member of the board at Vnesheconombank said that,

“Vnesheconombank works with the development banks of BRICS countries in a range of key areas, including financial cooperation, developing credit financing in national currencies and implementation of innovations. This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments. The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization.”

The aim of this summit was to highlight the need for comprehensive growth and widespread prosperity in the 4th industrial revolution. Although, no concrete details about the research or its implementations by banks have surfaced so far, but it can be concluded that blockchain technology clearly has the attention of emerging powers of the world.