International news sources are reporting today that a Russian energy giant with an impressive history has just announced its intention to develop blockchain technologies, which could cause more long-term gains in cryptocurrency stocks.
At Cointelegraph, Ana Berman reports on materials from Rosatom IT department head Evgeniy Abakumov, published in Cyrillic, that show a commitment toward blockchain and related technologies on the part of the energy conglomerate. The report also cites past activity by Russian officials in exploring the uses of blockchain and crypto technologies.
You won’t find it on the New York Stock Exchange, but Rosatom, also known as the State Nuclear Energy Corporation, has emerged from the 1953 creation of the Russian Ministry of Medium Machine Building in the postwar years. It developed while merging with the Ministry of Atomic Energy to become the Ministry of Nuclear Engineering in 1989.
Now, since 2007, Rosatom has been Putin’s State Atomic Energy Corporation, a juggernaut with its hands in many markets and projects, and a major plank in Russia’s economic plan. It has investments in nuclear energy, wind power and other diverse aspects of energy production.
The Russian push on blockchain is also part of a larger international context: for example, Maltese officials have recently been “bullish on blockchain” as finance mavens pay attention to remarks from Maltese prime minister Joseph Muscat at the 73rd Session of the General Assembly of the U.N. Sept. 27. There, Muscat referred to the intention to develop the nation as a “blockchain island.”
“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses,” Muscat reportedly said, echoing the past thoughts of officials in the region who want to use blockchain for anti-fraud and AML.
Nor is Malta the only country with such ambitions: as for the GCC nations, Saudi Arabia has been very vocal about blockchain initiatives as well as other top innovations like a continued space program and substantial investment in self-driving public transit vehicles.
While the new Russian interest in blockchain may fuel further cryptocurrency establishment on price indices, it’s only part of the picture. In addition to the blockchain and cryptocurrency sector, the same officials named in this new reporting are also looking at both artificial intelligence and the Internet of Things, two other major technology trends, in order to innovate.
Both of these IT advances have ties to various stocks and equities in international and national markets, and both are slated to become hot sectors in coming years. For instance, experts have predicted 50 billion devices connected online by 2020, and that’s a deadline that keeps coming toward us (although the number has been downgraded as 2020 comes closer).
Look for further news about world governments making big steps toward cryptocurrency models and blockchain immutable ledger technology to understand just how much potential there is in the “fintech portfolio.”