Five Countries are working together to develop Blockchain technology that will revolutionize the digital economy
The union of emerging economies known as BRICS (Brazil, Russia, India, China, and South Africa) is already a testament to cooperation, but the events of their recently held 10th summit have reached a new height. Influential banks from each of the participating countries enacted an MoU (Memorandum of Understanding) to begin a joint research project aimed at the study and application of DLT (Distributed Ledger Technology) to further develop the digital economy.
What all these acronyms mean is that five countries will be collaborating on a massive blockchain project.
Each individual country had been conducting their own blockchain research before now. Vnesheconombank and BNDES, the state banks of Russia and Brazil respectively, had been pursuing independent projects, but these were limited in budget and scope. This new agreement allows the experts to pool their resources and exchange data, enabling the pursuit of far larger studies than any one team could attempt alone. On top of that, all countries will now reap the benefits of their findings, further cementing the strength of the BRICS union.
No actual collaborative research has been conducted yet, the agreement was only just signed after all. The first order of business is formulating an agenda, laying out the research goals and intended outcomes they aim to achieve. What’s more, it will take time for so many independent teams to share their notes with one another so they can start at the same level, especially since some countries’ research is behind others.
The pieces need to be put in place before the game can begin, but this is hardly a problem, as all parties are eager to play. The five countries all share the same ambition of improving the fields of finance and infrastructure, it is part of what made the BRICS partnership come to be in the first place. They are referred to as “emerging economies” for a reason, and it wasn’t because they sat idly by while potential advantages came and went. They can see the fourth industrial revolution coming, they can see the chance to compete against their rivals if they seize the opportunity now while it’s young, and they can see how blockchain is the key to that success.
It is a vision we here at Export Portal happen to share, it is why we are pursuing our own proprietary blockchain technology, and it is why we are looking for like-minded businesses to join us as this innovative system takes the world of trade by storm.