The R3 blockchain consortium continues to welcome new members all year long. In a rather surprising turn of events, Russian payment provider QIWI joined the team. This is somewhat strange, as it appeared the company was in talks with the Russian government to develop new blockchain solutions. R3 and QiWI will elaborate on design and possible application of distributed ledgers.
A partnership between Russia’s primary payment provider and the R3 blockchain consortium is an exciting development. Although the consortium is backed by several dozen major financial institutions already, Russia seemed to remain neutral. However, no one wants to be left behind in this “arms race’ to develop and integrate distributed ledger technology in the financial sector.
QIWI Can Be A Powerful Ally For The R3 Consortium
QIWI is also the first company based in Eastern Europe to join the R3 consortium. Most of their members were located in North America, Western Europe, and Asia. Over time, this initiative has started to gain more traction among financial players in other parts of the world. Collaborative research and development of blockchain proofs-of-concept are direly needed before this technology can be integrated into the financial sector.