National Bank of Belarus builds information network using blockchain

The network could be used for modern banking and non-banking tasks and any bank or non-bank financial institution of the Republic of Belarus can become the owner of the certifying node of the blockchain network. The central bank has created a self-regulatory mechanism for the management and development of the Belarusian blockchain network using Council of Nodes (owners certifying nodes), whose members have equal rights.

Nevertheless, in its official release, the central bank said that the blockchain network will be implemented in the country’s banking system in the first stage. According to EconoTimes, the central bank’s settlement centre will determine the administrator of the blockchain network in the banking system, as translated by Booktable.

According to the National Bank of Belarus, the first practical blockchain use case in the Belarusian bank system is the ability to transfer information about bank guarantee. The next step will see the introduction of the blockchain technology in the securities market, the bank said. Belarusian Currency and Stock Exchange plans to use the technology for maintaining securities register on the stock exchange and OTC markets.