VEB and Kaliningrad Region Government Agree on a Pilot Blockchain-Based Social Security Project

At the Russian Investment Forum 2018, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the Kaliningrad Region Government entered into a cooperation agreement. The document was signed by Sergey Gorkov, Chairman of Vnesheconombank, and Anton Alikhanov, Kaliningrad Region Governor.

The parties intend combine their efforts in various areas, in particular, in the implementation of IT solutions in the Kaliningrad Region. They will also cooperate on projects designed to effect social security payments using blockchain technology, and to introduce electronic services with a view to making public and corporate governance more efficient.

“The Kaliningrad Region is one of the most active constituent entities of the Russian Federation in terms of the implementation of cutting-edge technologies that help develop Russia’s digital economy. Our pilot project deals with the social sphere, which is where the government performs one of its prime functions. New technologies significantly contribute to the quality of social services by making them more transparent, convenient and people-friendly while reducing unnecessary red tape. Furthermore, blockchain technology will make it possible to reduce expenditures in the social sphere which amount to trillions of rubles on the national scale,” Vnesheconombank’s Chairman Sergey Gorkov said.

“For our part, we welcome the cooperation with VEB. Undoubtedly, Vnesheconombank’s expertise in blockchain technology will help us to improve the quality of managerial solutions in the region,” Kaliningrad Region Governor Anton Alikhanov said.

Expert support for the pilot blockchain-based social security project will be provided by Vnesheconombank’s Centre of Blockchain Competencies.

Press Office