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Anyone involved in the cryptocurrency industry will have varying viewpoints when it comes to the current state of affairs. While some investors are overly bullish on recent advances in blockchain technology, others remain skeptical on where this
industry really is and where it is headed.
In a recent post on Cointelegraph.com by Marie Huillet, one of the more skeptical parties in this discussion is the First Deputy Governor of the Russian Central Bank. Olga Skorobogatova has gone on record as stating that current blockchain technology is not yet “mature” enough for use on an industrial scale. This viewpoint was shared a few days ago by a local media outlet Prime.
Taken from a discussion held at the St. Petersburg International Economic Forum, the report stated that she believes that the emerging technology still needs to be improved. According to the viewpoints she expressed at that time, the technology has not been applied on an industrial scale other than in the realm of cryptocurrencies such as Bitcoin. Two big issues for the Deputy Governor were security and scalability. Each of these issues needs to be improved upon before any meaningful industrial scale implementation can be put into use.
She went on to separate current blockchain applications into two primary user groups. The first would be blockchain systems that offer a ‘distributed settlement infrastructure. Two common examples of this application mentioned were Corda and Ripple. These can be used for processing payments on a banking level. Two blockchain platforms that provide ‘smart contract functionality’ where Ethereum and Hyperledger.
In a direct quote contained in this report, Skorobogatova stated, “Technology for the sake of technology is pointless.” She looked to 2018 as the year that Russia and the international community would come to a “pragmatic understanding” for the intended purposes of blockchain technology. Only then can the issue of industrial-scale realization be properly addressed. In the past, she had referred to blockchain as “a revolutionary technology that certainly needs to be invested in.” Associated risks still need to be addressed and managed for applications in the mainstream financial sector. Her estimate for ‘fully-controlled integration’ would be anywhere from “seven to ten years, “ according to an assessment made last year at this time.
Cointelegraph.com also added that just this week it was announced that Russia is in the process of testing it first officially regulated Initial Coin Offering (ICO). It will be tested with the use of Russia’s central bank’s newly-established regulatory sandbox. State-owned Sberbank would be the project’s primary investor.
In a parallel development, the Russian parliament approved the first of three readings of new legislation designed to regulate the crypto and blockchain industries. More specifically, it defines cryptocurrencies and crypto tokens as property.
Cointelegraph.com is one of the most recognized sources of information for the future of money as it pertains to cryptocurrencies. It has been on the cutting edge of this industry for the past few years and it continues to keep its finger on the pulse of the hottest trending topics this dynamic industry has to offer.