The adventures of Chronobank in Russia

  • Author: Sergei Sergienko, Chronobank CEO

    I went to Russia to attend a couple of Summits and to meet our partners, Lykke exchange. I must say, professionalism and dedication to our new industry have surprised me.


    The first summit was called “Time is Money” in the city of Perm and was aimed to introduce blockchain and Chronobank in particular, to the students, teachers and professors of the local University, as well as everyone else who was interested. There were over 500 people in attendance and Chronobank was received quite well. Use cases and challenges for the local adoption of Chronobank in Russia were discussed. Everyone agreed that government regulation was the main sticking point in Chronobank’s adoption as is.

    I’ve met Lykke guys, and Sergey Ivliev, Lykke CTO in particular. I have to say that the guys are very switched on, on point and in love with this new technology that we all are working with. It was an inspiration
     to see the guys at work and get a glimpse of what’s to come with both Lykke and Chronobank.

    The summit in Moscow was themed about insurance and in particular
    insurance on an open ledger technology and smart contracts. I presented
    possible cases of Worker’s Compensation, Injury and Life insurance as a
    major part of LaborX. From the start, we understood that due to the
    nature of LaborX logic, worker’s insurance would be a major part of the
    whole project. By keeping everyone’s reputation on the blockchain,
    LaborX would be able to reduce the current premiums that are being
    charged by insurer’s quite significantly. It was great to get some sort
    of validation to this at the Moscow summit. There were bankers,
    university scholars and a few blockchain startups in attendance,
    including our partners, Waves.

    Overall, I’m glad I got to take part in both of these events, and I can
    not wait until LaborX is available in Russia as I’m fairly confident
    that its local adaptation will be very successful there.

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