This is unstoppable! The Central Bank of Belarus develops blockchain for financial management

The central bank of Belarus is building a digital information network based on blockchain technology, which could be used for paperwork and banking operations.

According to the official announcement the blockchain network was implemented as a test to manage the national financial system, placing as central node administrator the National Center for Settlements and Payments where a council of participants was created that can manage the network with equal rights and attributions, as a mechanism of self-regulation.

The blockchain platform can be used to transmit information such as vouchers and bank guarantees between different entities, so that other Entities of the Eurasian Economic Union can verify the banking procedures of the Belarusian institutions.

They're also planning to use blockchain technology in the insurance market through the Brokerage House and Assets of Belarus, recording the transactions between different insurance markets and monetary assets, providing effectiveness and transparency to the transactional processes.

It is important to note that the blockchain platform does not currently handle cryptoactive transactions, and reportedly there are no conceptual or legal limitations to using other aspects of the technology. For example, they cite smart contracts; In addition it is pointed out the possibility of using blockchain to protect all kinds of information in different industries and sectors, such as in business, the legal sector and medicine.

This are great news for all of us, as the deeper get the blockchain into the society the strongest will be our cryptocurrencies and more interesting protocols will be developed!