Zcash
$112.07 -8.06%
ZEC · 206w

Russian NSD Makes It Possible to Maintain Financial Privacy in Blockchain Use.

It took just half a year for the team of National Settlement Depository (NSD), Russia’s central securities depository, to find a solution for the challenge of maintaining confidentiality when verifying distributed ledger transactions. The achievement has become a cornerstone in Blockchain-based corporate solutions for the financial sector in which financial privacy, in terms of client account balances, is a key. What is seen now as a breakthrough had started with the desire to try to create a distributed ledger-based e-voting system for shareholders.

The Global Issue of Confidentiality in Blockchain

Once distributed ledger technology emerged, both developers and businesses proposed a list of applied problems that could be efficiently solved using Blockchain. The list included a challenge of creating an e-voting system for securities owners. NSD accepted the challenge, as the company has long been developing similar solutions, although based on more conventional technology.

Once the solution designed by NSD is implemented, any company will be able to ensure confidential, transparent, and reliable shareholder voting, regardless of the number of shareholders voting or the complexity of the voting process. This is made possible by Blockchain technology which helps reduce costs associated with various corporate disputes. According to the data available to NSD, each year Russian commercial (arbitrazh) courts handle roughly 12,000 corporate dispute cases, of which 20% are disputes relating to decisions made by corporate management bodies, 18% are disputes over ownership of shares, and 14% are cases in which someone is seeking to invalidate a deal.

In the course of prototype implementation, the developers found that it was impossible to ensure complete confidentiality during the voting process on any of the existing Blockchain platforms. That is a global issue relevant to any closed corporate system migrating to distributed ledger techno...

Continue on cfd.net.au
Recent news
No posts found