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SPIEF: blockchain introduction to increase transparency in business, government management

June 04, 3:45 UTC+3 ST. PETERSBURG

All the financial and business transactions will be implemented digitally and funds allocated from the budget for various national projects will bear a certain electronic marker, he added

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ST. PETERSBURG, June 3. /TASS/. Implementation of the blockchain technology in IT infrastructure of government institutions and companies will increase their transparency and efficiency, Supervisory Board Member of Ethereum Fund Vladislav Martynov told TASS in an interview on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Saturday.

"Automation [on blockchain basis - TASS] of legally significant actions excludes human factor ricks. Imagine how economy, efficiency of government management and business competitiveness may change if they are mitigated," Martynov said.

All the financial and business transactions will be implemented digitally and funds allocated from the budget for various national projects will bear a certain electronic marker, he added.

Ethereum - is an open platform for development of blockchain technology-based decentralized online services operating on the basis of smart contracts.

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