Qiwi to build blockchain replacement for its core database

 Dubbed the ‘Qiwi blockchain system’, the company’s development effort focuses on how its core database of customer transactions could be reimagined to reduce costs.

Qiwi is working to build a custom blockchain system to meet this need given what it sees as the inadequacies of existing private and public blockchains.

For now, Qiwi disclosed that the system is undergoing internal testing but that it could seek to launch the blockchain service in parallel with its current processing system should it pass initial evaluations.

Qiwi also sees the service as one that could provide its system with some of the transparency afforded by the Bitcoin blockchain.