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Rostec expects 30% growth of the blockchain industry in Russia

Rostec expects 30% growth of the blockchain industry in Russia

  • Russia’s share in the global blockchain technology market will grow to 8% in 2030.

  • Within 10 years, the total investment in the Russian blockchain sector will grow to 194.3 billion rubles.

  • It remains to be seen whether Rostec will change its forecast due to the consequences of coronavirus infection.

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Russia is waiting for a sharp jump in the growth of blockchain companies in the next ten years, according to forecasters of one of the largest technology state corporations.

The Russian state corporation Rostec has prepared a project for the development of distributed ledger technologies. This is reported by CNews, referring to the corporation’s project.

According to the published document, in Russia it is planned to increase the number of companies using distributed ledger technologies (TRP) from less than 1% in 2019 to 30% already in 2030.

The number of state-owned companies using TPP will increase from less than 1% to 45%.

Almost the same growth is expected in the consumer sector, where the share of Russians using the new technology will increase to 40%.

The number of TPP development companies is also expected to grow eightfold from 30 to 240. The share of distributed ledger systems developed by domestic companies in the global market in the total number of relevant platforms will increase from 5% to 18%.

Russian blockchain expansion

The corporation expects that the total share of the Russian market of blockchain technologies in the global arena will increase from 2% in 2019 to 8% in 2030.

At the same time, the total growth of investments in such technologies until 2030 will amount to 194.3 billion rubles.

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Also, Rostec expects that budget grants and subsidies for the development of blockchain technologies will increase to 27.5 billion rubles by 2024.

It remains unclear how much the roadmap of Rostec will change, given the significant consequences of the coronavirus pandemic on the Russian economy..

Blockchain will fail

However, the First Deputy Governor of the Bank of Russia Olga Skorobogatova does not share optimism about the potential of blockchain technologies..

For example, Skorobogatova believes that many overestimate the benefits of blockchain and the prospects of technology..

Rostec expects 30% growth of the blockchain industry in Russia

Blockchain is perfect for letters of credit and guarantees, since it solves the issue of trust, but one should not expect that the technology is suitable for all occasions, said the first deputy chairman of the central bank.

As a reminder, last year Rostec and the Russian government entered into a deal of intent for the joint development of high-tech areas, which include the blockchain.

What do you think? Should Russia focus on blockchain in the midst of the economic crisis? Share with us with our thoughts in comments.


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Rostec expects 30% growth of the blockchain industry in Russia

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Rostec expects 30% growth of the blockchain industry in Russia

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