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One of the blockchain technology creators Patrick Xaguang Dai expressed his vision of the prospects for the introduction and development of his creation on the Russian market.
How do you see the future of digital economy in Russia?
This is my first time in Moscow and Saint-Petersburg in Russia. Therefore, I see a lot of talented people and developers here. We hosted the ‘Blockchainhack’ in Moscow few days ago and there were more than 45 teams which wanted to join ‘Blockchainhack’. Therefore, I think in Russia technologies like the blockchain technology are getting popular. I think such tendency will give Russia a big potential to become the leader in digital economy in the future.
Which sectors will be involved in the digital economy?
It may not happen in the financial sector. It may happen in some other areas. In Saint-Petersburg we met some local governors, they wanted to build a system to check all the milk production for safety, so I think such kind of a real use case may happen in the nearest future. For the financial system, you will need to change a lot of stuff to embrace the blockchain technology. However, there are some areas that are directly connected to people’s daily life. It is easier to make this kind of change there. For this kind and this industry such as Internet and house care there are more possibilities to apply new technologies. Therefore, you can apply blockchain technology in these areas first. Financial sector is the most important area, but I think that it is the hardest area to change because of the regulations. I can see the changes happening right now because in China and the US governments are applying blockchain as the national strategy in the nearest future, about five years. They are trying to support the local startups to build their applications based on this technology. I think that something very good for the future of the blockchain technology is to go to the mainstream and to influence the main business. Personally, I believe in this technology, we can rebuild the Internet; we will reconnect the whole world together and make the world’s economy more transparent and more efficient. In some parts of the world in the nearest future, we will rebuild the whole economy.
In the future, can we use this technology at the government level?
I think that blockchain technology has a lot of potential to be used by the government. For example, the government can use the blockchain technology to offer some public services. Like to register identity in this system and make a lot of paperwork based on blockchain. It will be the contract between the people and the government. You can do a lot of stuff then. It can also help the government to improve the efficiency when they deal with the communitys' opinions. Also in the future I think the blockchain can help the government in organizing the voting system. Right now some of them are pretty old, but the blockchain offers a solution for people to vote online and all the voting will have no cheating. Everything will be fair and transparent. People can trust this kind of open-source voting system. It will have a very big influence on organizations no matter whether it is a government or a company, because this technology builds the new protocol for people to collaborate, to help each other and to work together. I think that in the future people will work not only for the one specific company but also for a global prosperity.