Payments Giant Qiwi is Building a Blockchain Replacement for its Core Database
Russian payments firm Qiwi is currently designing its own proprietary blockchain in an effort to replace its central payments processing database. Called the "Qiwi blockchain system", the company’s development effort focuses on how its core database of customer transactions could be reimagined to reduce costs. Qiwi is one of the largest payment service providers in the Commonwealth of Independent States (CIS) region, with more than 16.1 million digital wallet users and 62 million transacting customers per month. Today, according to the company, all customer transactions are....
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Russian payments firm Qiwi now estimates it could upgrade its core database to a distributed ledger system by 2021. In an interview with Rambler News Service, a representative for the company said that this projection is in line with estimates that the full transition to any new technology takes about three years after a successful trial. The statements, widely covered in Russian media, follow Qiwi's announcement of the trial in May. At this time, Qiwi representatives told CoinDesk in detail why the company is building a private blockchain system as part of a bid to increase the....
Russian payments firm QIWI has joined the R3 blockchain consortium. Announced earlier this week, the move is the latest for the firm that made waves earlier this year when it announced its plans to pursue the creation of a digital currency. QIWI has since outlined how it plans to potentially replace aspects of its core infrastructure using the technology, a process that it said could play out over the next five years. In statements, the company expressed hope that some of the in-house projects it has developed can be applied to some of work being conducted among R3's global banking....
Russian payments provider Qiwi has revealed it wants to launch a domestic blockchain consortium it compared to the 44-member banking consortium R3CEV. In statements today, Qiwi CTO Alexei Arkhipov expanded on his company’s work with blockchain tech, reiterating how the company has developed its own prototypes for payments processing. Originally nicknamed ‘BitRuble’, the project caused concern among local regulators, who have been moving to formally ban the use of blockchain-based digital currencies. Arkhipov, however, said that sentiment regarding the technology is now changing, and that....
New details have emerged about Russian payments giant Qiwi's plans to issue its own cryptocurrency. Russian-language bitcoin news site ForkLog spoke with Qiwi communications director Konstantin Koltsov and Alexei Arkhipov, who is overseeing the project, about the "bitruble", which made waves in Russian media circles last month after the firm announced its intentions. Russian government officials like financial ombudsman Pavel Medvedev later denounced the plan, but the company has moved ahead, filing for relevant trademarks and floating the notion of backing the currency with commodities.....
While the number of major global banks announcing blockchain tech trials continues to escalate, Russian payments startup Qiwi remains a rarity in its home country of Russia. The payment service announced last September it had built a proprietary digital currency called the ‘BitRuble’, a project that received widespread interest due to the negative climate for the technology in Russia. There, the country’s legislative assembly has been working for over a year on a law that would outlaw some uses of bitcoin. In a new interview, however, Qiwi indicated that it is still seeking to move forward....