On 18 July 2017, Russian Prime Minister Dmitry Medvedev held a meeting of the Presidential Council for Economic Modernisation and Innovative Development Presidium. The meeting was also attended by Vnesheconombank’s representatives.
Before the meeting, Dmitry Medvedev visited the National Technological Initiative: Promising Projects for Novgorod Region exhibition. It is worth mentioning that the Novgorod Region is an NTI national pilot region and enjoys ‘free zone’ status.
At the exhibition, VEB introduced to the Russian Prime Minister a blockchain-based prototype to execute the transfer of title. A demo version of the prototype has been specifically adapted for Veliky Novgorod. A joint project of the Federal Service for State Registration, Cadastre and Cartography (Rosreestr) and the Agency for Housing Mortgage Lending (AHML), it can well pave the way to blockchain application in public governance.
During the demonstration of the prototype to Dmitry Medvedev, Vladimir Dyomin, Advisor to Vnesheconombank Chairman, remarked that the project will make it possible to transfer title and obtain mortgage virtually online. Such projects aim to adjust the blockchain technology to the Russian environment and unlock its application potential. Dmitry Medvedev believes it is important that Vnesheconombank continues this work.
“Blockchain is an up-and-coming technology capable of bringing about revolutionary changes. VEB has already taken practical steps in terms of blockchain application: it has been cooperating on a a pilot project with the Center of Competencies established jointly with the National University of Science and Technology MISiS (NUST MISiS) with a focus on blockchain technology. Today, we have demonstrated the emulation of a real purchase and sale of property in a blockchain environment with an accent on those aspects of the business process that need further optimisation,” commented Dmitry Dyomin.
Following the exhibition, the Presidential Council for Economic Modernisation and Innovative Development Presidium gathered for a meeting to discuss the implementation of NTI projects in 2017-2020. The Russian Prime Minister identified three areas requiring more elaboration: NTI legal framework, project funding, and NTI expert training. Furthermore, Dmitry Medvedev finds it necessary that comprehensive monitoring of innovative projects should be procured at every stage.
“Our development institutions have been already engaged in NTI projects. However, the coordination between these institutions could be even closer. At the early stage, projects need both grants and subsidies, and venture instruments. At the same time, we should encourage standard funding for the most successful projects. If a project proves commercially viable, a more extensive use of repayable financing should be made – where it is feasible, of course. We have already discussed a more active role Vnesheconombank’s new strategy provides for it to play. The respective amendments to the Memorandum on Financial Policies of VEB have been already made,” said Dmitry Medvedev.
The Council Presidium chaired by the Russian Prime Minister Dmitry Medvedev comprises Andrey Belousov, Assistant to the President of Russia; Arkady Dvorkovich, Deputy Prime Minister of Russia; Maxim Akimov, Deputy Chief of the Russian Government Staff; Rustam Minnikhanov, President of Tatarstan and Chairman of the Association of Innovative Regions of Russia Council; Andrey Nikitin, Provisional Governor of Novgorod Region; and Andrey Rudskoy, Rector of Peter the Great St. Petersburg Polytechnic University.
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