The development of blockchain technology in Russia : outlook and trends

Abstract

Purpose: The article addresses the issue of new scientific decisions shaping with respect to the study of problems, current trends and perspectives of blockchain technology usage in the Russian Federation. Design/methodology/approach: To achieve the objectives of this study the increasing interest to blockchain technology in Russia was discussed. Findings: The article determined main problems in blockchain technology which includes gaps in legislative regulation; the existence of a considerable number of projects that are undergoing the development stage and that have not proved own economic feasibility yet; incomplete understanding of the blockchain spheres’ implementation by state officials, society and business representatives as well as expected outcomes according to the amount and time of their receiving; disputes on cryptocurrencies turnover in the country’s territory and their influence in the national economy. Practical implications: The study has demonstrated the interest growth mainly by businesses to the usage of blockchain technology in order to improve own competitiveness and to obtain additional benefits, including the form of their profits. Originality/value: The research has also determined the area of further key studies in blockchain technology usage in Russia and the world.