26 September 2016, Monday, 16:47

Russian development will increase security in banking sector and accelerate money transfer

 

UFA, 26 September 2016. /Bashinform News Agency, Alim Faizov/. Russian developers have learned to mark electronic money so that they keep the whole history of their previous transactions. The WhiteMoney project was implemented using a blockchain technology and allows not only tracking a path of funds movement, but also makes it possible to reduce time of their transfer from three days to one hour. Experts predict that 80 percent of the world's banks will use the blockchain technology by 2017, the "Izvestia" newspaper reports .

"The blockchain technology allows radically improving the transactions transparency and makes the combating money laundering procedures simple and effective," said the developer of the project Andrey Varikov. "The second challenge that we wanted to solve was increasing transfer speed between legal entities. Today, it takes up to three days – it is a lot for small business and active entrepreneurs".

The blockchain is a technology for information storage and protection using distributed databases. The constantly extended chain of digital records is in the heart of the technology. This makes it possible to achieve the highest resistance to counterfeiting, revision, burglary and theft of information.

The WhiteMoney project is a website to track the history of transactions and a mobile and web-based application for the transfer of money. The website belongs to the Modulbank developers, which they created at the Hackathon at the University of Innopolis.