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Sergey Ivliev: Blockchain leads to a change of social and industrial structures


Sergey Ivliev, head of the Laboratory of Cryptoeconomics and blockchain-systems of PSNRU, regional director of the International Association of Professional Risk Managers (PRMIA – Professional Risk Managers International Association), Vice-President of GIFA, co-founder, and CEO of fintech company Lykke, shared his thoughts about how blockchain is able to change  the economy.


– When and for what was created the Laboratory of the Cryptoeconomics of PSNRU Economics Faculty, where you are the head?

– Employees of the Laboratory of Cryptoekonomics and Blockchain systems, which was established in April 2016, engaged in research in the field of blockchain technology. It is also a research center for international fintech company Lykke, with the support of which it has been established.


We are going to implement a lot of projects involving the applying of blockchain. That is the first such laboratory in Russia.


Its work in this area is complicated by the lack of legal framework in this field on the territory of the Russian Federation. For blockchain development, it is required the creation of appropriate infrastructure, in which users will be able to participate fully in the formation of cryptoeconomics, based on – Bitcoin.


Soon, will be published an article about Bitcoin, in which will be an information about the factors of demand, costs, pricing models.


As part of the Laboratory will be created a project, where Bitcoin is involved in solving the problems associated with the calculations inside a holding company. It will be optimized the cost of money transfers and currency conversion if we transfer some calculations on blockchain.


– How will look the government at the fact that such a huge cash flows are unaccounted and uncontrolled?

– The government will never give away the function of money issuance. I believe in the near future will be full cash on blockchain. Bitcoin development will also continue.


There are already over 8 million of its users in the world, and their number will increase more and more because of Bitcoin convenient. In particular, payments are carried out for 10 minutes, in contrast to the banking system, where they are waiting for weeks due to the presence of intermediaries.


Currently, about half of the world population uses the banking system. The other half does not have an access to it, but many people have smartphones – so they can be participants in financial relations and constitute a niche for open blockchain-systems.


Increasingly, experts have come to believe that blockchain technology can fundamentally change not only finance but also a whole sector of the economy. At the current moment, there is a perception that it is possible a future for ” Internet values.”


– How is it formed?


– Since the inception of the technology in 2009, the number of users and transactions are growing. The technology has demonstrated the ability to transfer the values to the Internet without a centralized intermediary, which are payment systems or financial institutions. Now the banks are united in consortiums to develop their own blockchain.


– For what banks will cultivate their competitors?


For the first time in the history of the bank, there was a situation in which banking operations can be done without the participation of banks. Naturally, they feel threat upon financial technology. Some even call blockchain as a “killer” of the banks. This is an exaggeration. Most of all, the banks simply will transfer a part of the operations at blockchain.


-What, for example?


During payment on stocks market, 10 kinds of intermediaries take a part. Each one has its own book of transactions that should be checked during payment. According to the standard “T-3”, after the transaction is given, it takes to verify three days – you never know what can happen during this time. So, there are counterparty risks.


Blockchain – a single book, which everyone can trust. It is the depositary (where securities are placed directly in the form of special electronic tokens) and an effective settlement mechanism (where the free of risk simultaneous exchange of assets are). The whole process will take about thirty minutes.


How is blockchain common in Russia?


– According to the number of nodes of Bitcoin – RF is on the seventh place in the world, and on the third according to Ethereum. Many start-ups associated with cryptocurrency, created by our compatriots in countries where there is a legal status of Bitcoin.


– How  is the cryptocurrency usability compared with paper money?

 Paper Money are in great confidence, but not suitable for calculations on the Internet. Enormous sums are spent on their turnover and production – a significant portion of them can be “digitized” by blockchain.


In addition to currency, the distributed registry technology can bring stocks in an electronic form – in this case, the register of shareholders will take place on blockchain. In addition, using blockchain, it can be confirmed copyrights of musical content representatives.

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To the remark that all this is risky, Ivliev noticed, that the risks are mainly connected with money laundering. According to experts, Bitcoin is in a safe area. The bank accounts and cash were in the risk zone.


In addition, Bitcoin is not completely anonymous – upon a wallet, you can trace a chain of transactions. For this reason, banks that allow using Bitcoin, in particular, the European Union, require the exchange point to carry out customer identification.

-What did you discuss in August as part of the Summer School of Perm on blockchain and crypto economics (Perm Summer School on Blockchain & CryptoEconomics)?


– 40 people from 10 cities and three countries – traders, financial analysts, IT specialists, miners, students and teachers of high schools – solved the problems of  trading operations security and problems related to pricing, demand factors.


As a result, participants agreed that the appearance of blockchain can be compared with the advent of the Internet: blockchain will allow not only to facilitate and accelerate financial transactions but also become the basis for a completely new production structures.