Eastern Europe News

Ukraine Signs Largest Blockchain Government Deal Ever

Ukraine has signed a deal to put the largest amount of government data on a blockchain platform to increase transparency and accountability. The CEO of Bitfury Group, CEO Valery Vavilov, announced the deal and said it was the largest of its kind ever attempted.

Reuters reports, Blockchain is a ledger of transactions that first emerged as the software underpinning digital currency bitcoin. It has become a key global technology in both the public and private sector given its ability to permanently record and keep track of assets or transactions across all industries.

“A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability,” said Vavilov.

“This agreement will result in an entirely new ecosystem for state projects based on blockchain technology in Ukraine,” Oleksandr Ryzhenko, head of the State Agency for eGovernance of Ukraine, said in an emailed response to Reuters questions.

“Our aim is clear and ambitious — we want to make Ukraine one of the world’s leading blockchain nations.”

Tsarizm reporter, Mariam Gogolishvili, previously reported on her native country of Georgia also adopting the blockchain technology for government use, also using Bitfury Group. Sweden and other former Soviet nations have also moved in this direction.

Ukraine will start a pilot project this year for mundane government transactions and then once completed, will move the technology to all areas, including cyber security.

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