Ethereum Watch

December 26, 2017 11:59 PM

Reports from Russia on December 25, 2017, indicated that a survey was conducted by the Plekhanov Russian University of Economics (PRUE) to ascertain the general public’s readiness to adopt blockchain technology.

According to Assistant Professor Diana Stepanova from the Department of Finance and Prices, the study found that general sentiment toward blockchain technology and the cryptocurrencies which it underlies “gradually ceases to be perceived by the public as a marginal payment instrument for illegal transactions.” In addition, the survey showed that business-relevant applications for EDCCs, or smart contracts, have played a role in this shift in public perception.

Stepanova went on to detail the benefits of decentralization and privacy:

“The technology’s success is due to the fact that it makes it possible to store information in a distributed state rather than on just one server. This advantage is of particular value when financial confidentiality is required. Blockchain keeps records of all transactions users perform in various blocks, while distributing them in a network composed of millions of PCs.”

According to Stepanova, EDCCs can have a beneficial impact on a wide variety of industries, and the dynamics of a decentralized social medium with a cryptocurrency backing it would put account control in the hands of users, possibly creating an income channel via advertising.

Stepanova concluded: “In a few years’ time, it is quite likely that the blockchain technology will become an industrial standard, and Russia must be ready for that.”

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

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