Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Experts Propose Using Blockchain Technology For Public Database In Ukraine

Georgian experts working for the Ukraine government have suggested the use of blockchain, the technology that underpins bitcoin, for public databases, Coinfox reported.

Boris Lozhkin, head of the Presidential Administration of Ukraine, said in a blog post that the experts firstly recommended the creation of a system of privatization of state property, which will, in essence, make public all the information about the state-owned companies.

The second recommendation was relating to the blockchain technology. “This will prevent manipulation in databases, eliminate the monopoly on possession, stimulate competition. This private sector participation in the maintenance of the database will not spend millions of Hryvnia for the purchase of servers and accelerate the process of obtaining documents”, as per Google-translated version of Lozhkin’s blog.

Moreover, he spoke about the third idea that related to a completely new concept of tax collection by private collectors.

Ukraine has been taking interest in digital currencies and the blockchain and distributed ledger technologies. Recently, the National Bank of Ukraine’s press service stated on its Facebook page that the bank is considering granting non-banking financial institutions the right to issue “electronic money”.

CoinTelegraph reported last November that a Blockchain Research and Development center opened in Kiev to establish FinTech and blockchain solutions in the Ukraine as well as worldwide. The center will explore new technological opportunities and work on a blockchain project to set up a "governance as a service” system in Odessa, Ukraine.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.