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Ethereum Signs Key Deal with Russian State-Owned Bank For Blockchain Adoption

The cryptocurrency world has just witnessed a great milestone in history that is set to significantly change crypto trading significantly. The Ethereum Foundation and Russia Development Bank have signed a far-reaching agreement in Tatarstan at the “Blockchain: The New Oil of Russia” conference.

Russia leading the pack

The intention of the deal is to create room for the creation of a new training program that will focus purely on the Blockchain technology. With such a program, Russia hopes that it will be ahead of many countries in the adoption of the Blockchain technology. Here is a part of the statement:

“The agreement provides for a long-term and effective partnership in the implementation of projects using the technology of the distributed registry and Ethereum platform, the formation of an expert community on the Ethereum platform and the joint development and implementation of educational programs for training specialists in the field of distributed registries and the Ethereum platform based on Vnesheconombank’s Competence Center.”

Through the program, many Blockchain experts will receive the right education and training vital to the running of both government bodies and state-owned organizations, which deal with the Blockchain technology. The statement indicated that a Competence Center will be created with its location being Moscow. The center will officially begin operations in September 2017.

Impact on Ethereum

This pact is expected to have a positive impact on Ethereum, especially in the short-term. Considering that this is a partnership with a governmental body, the Ethereum network is most likely to see greater chain stability. In addition, such partnerships usually lead to much confidence among users of the Ethereum network. As a result, a positive response is expected of the current Ethereum price.

On the other hand, the partnership could also portend a negative impact on Ethereum. Suffice to say that it could lead to the centralization of the Ethereum block creation, particularly if the government ends up holding substantial nodes. Such a case could be imminent in the event that Buterin’s road map is not followed, which stipulated a shift from Proof of Work to Proof of Stake.

Source: “Ethereum Signs Key Deal with Russian State-Owned Bank For Blockchain Adoption.”The Cointelegraph, 31 August, 2017, https://cointelegraph.com/news/ethereum-signs-key-deal-with-russian-state-owned-bank-for-blockchain-adoption

About Geofrey Raballah

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