Vnesheconombank, a Russian state corporation and a former Soviet bank, has planned to sign an agreement of intent to utilize blockchain technology in one of the regions of the country, according to the reports by a prime reference to the bank’s chairman Gorkov Sergey Nikolaevich, forklog reports.

According to him, the application of blockchain technology is aimed to increase the efficiency of project implementation. He also stated that it involves small amount of investments.

"We have three regions that seem to be interesting for us. Kola Peninsula, where there is a very cheap energy, Peter, there's St. Petersburg plant that has a nuclear power plant, and we considered more sites in Russia in the central regions. In any case, the transaction will be interesting, we will sign in January 2017", he said to forklog (loosely translated).

Previously, Vnesheconombank Chairman Sergei Gorkov spoke about blockchain technology, addressing it as a tool that completely changes the nature of the state. In October this year, the decision by Vnesheconombank to first invest in blockchain infrastructure in Russia became known.

Earlier this month, Russia’s Alpha Bank and the S7 Airlines collaborated into the first Russian deal to pay for services via credit using smart contracts based on blockchain technology.