Sectors to be revolutionized by blockchain. Expert opinion

Sectors to be revolutionized by blockchain. Expert opinion

Blockchain can radically change some areas, including land cadaster, state trade and transport. However, first it is important to compare the potential benefits with the costs of implementing the technology, as well as assess its profitability. Such an opinion was presented by the Latvian fintech expert Viktor Stepanovs in the interview to RIA Novosti.

“The state is interested in blockchain technology, when it comes first of all about the land cadastre. The cadaster becomes available to all users and is protected from changes being made ex post facto. Thus, it will not be possible, for example, to record that six hundred square meters in the Moscow region, specifying that the land plot allegedly was bequeathed to another person in 1972”, he said.

However, the expert highlighted the need to solve the problem of confidentiality.

“An open resource means transparent rules, but at the same time it should feature a universal tax return. In other words, you must be transparent and you will not be able to say: “I'm not an official and don’t have to report on tax”, he explained.

Mr. Stepanovs also believes that blockchain will be useful in the field of public procurement, as it will show the movement of orders.

“You don’t have to go to the officials any more to find out something: it's enough just to go into a single register and see details on what, who, where and how. At the same time, one can understand why the tender was taken by a particular company, how much it actually spent and what subcontractors it paid to”, he stressed.

But, according to the expert, innovation will not be applied in all sectors and it remains to be seen whether it is expedient to implement it economically.

Viktor Stepanovs witnessed defense in the Supreme Court of Greece in the case of Russian IT specialist Aleksandr Vinnik, accused by the US government of laundering $4 billion through bitcoins.

 

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