Opinion: blockchain will reduce up to 80% of operating costs for banks

The development of the law on the use of distributed registry technology will allow banks to significantly reduce costs, said the founder of Blockchain.ru Dmitry Matsuk. "In such areas as processing of counter transactions, structuring of products, account management, audit and financial control, the savings can reach up to 60-75%, and this is only a small part where a blockchain can be used. Therefore, the potential total savings on operating activities will be about 50%, which can be brought up to 80% with the development of technology and the transfer of all processes to the blockchain, "he said.

According to Victor Shpakovsky, managing partner of Tokenbox, the use of technologies based on the block system will allow credit institutions to refuse all departments that deal with document circulation and processing of payments.
The representatives of Sberbank, VTB, Promsvyazbank, Sovcombank, AK Barsa and Binbank, who plan to introduce the blockchain into their activities, consider it expedient to transfer to this technology work with trade financing, factoring, document exchange and payment system, electronic document management, issue of bonded loans and bank guarantees.
The Central Bank is also studying the detachment and is already implementing pilot projects based on it. Go to the progressive technology banks can not because of the lack of an appropriate regulatory framework.
"The main obstacle to work on this technology is still legislation. To implement the technology of blockchain, our clients must clearly understand what laws govern its use, what regulations should be followed by the organization that provides services using this technology, and, most importantly, the client should be sure that all his actions, assembled into chains of signed elements , will be unconditionally confirmed, "said Andrey Ovsyannikov, vice president of information technology at Promsvyazbank.