Masterchain became the first certified blockchain platform in Russia

The blockchain platform of the interbank project Masterchain became the first FSB certified platform adhering to Russian cryptography standards.

As reported
The press service of the FinTech Association behind the development of the platform, Masterchain became the first certified platform that uses Russian cryptography standards and meets information security requirements.

As noted in the statement, the cryptographic information protection means (Cryptographic Protection Tool) version 1.0 of the Masterchain includes a blockchain node supplemented with a confidential message transfer system (SPS).

A positive conclusion on the certification of the platform was received by the FSB of Russia this week after an examination of the case studies of the Masterchain. In addition to certification, a study was carried out on the possibility of introducing Masterchain into a decentralized depository system (DDS), according to the results of which analysts came to a positive conclusion.

As Tatyana Zharkova, managing director of the FinTech Association, noted, thanks to Masterchain certification, one can “talk about the platform’s readiness for industrial operation”. She also said that DDS is being launched to record electronic mortgages for members of the association.

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In July, it became known that Sberbank will minimize
participation in the Masterchain and will use other blockchain platforms. The Bank substantiated its decision by the fact that the project did not achieve its goals.

In 2016, the Central Bank merged 5 banks – Qiwi Bank, Sberbank, Alfa-Bank, Otkritie and Tinkoff Bank – to create a Masterchain. The cost of developing a blockchain platform is not exactly known. However, according to earlier public disclosures, 13 FinTech Association members pay between $ 120,000 and $ 230,000 per year for participating in the project.