MOSCOW, September 26 — RIA Novosti. Russian developers have created a project which allows electronic money to save the entire history of previous owners, which will enhance security in the banking sector and to accelerate the transfer of funds, the newspaper “Izvestia”.
The project was called White Money. It is implemented using the technology of the blockchain, which makes it possible not only to track the movement of funds, but also helps to reduce the time to switch them from three days to one hour, explained in the material.
“Blockchain technology will allow to dramatically increase the transparency of transactions and procedures in terms of combating the laundering of proceeds of crime and financing of terrorism is simple and effective. The second problem we wanted to solve is increasing the speed of transfers between legal entities. Today, they take up to three days is a lot for small businesses and dynamic entrepreneurs”, — told the newspaper the project developer Andrew Varick.
According to him, part of non-cash transactions between companies is a transit of “black money”, as the history of transactions they are not stored anywhere. For banks, this presents some risk.
The project was implemented according to the technology of the blockchain where each block of data is embedded in the computed checksum of the previous block, says the developer. Thus, each of them has a link to the previous one, allowing you to track the history of the movement of money in the accounts.