At the World Economic Forum in Davos, digital technology specialists EY and the Universa Blockchain Platform reached an agreement on a new strategic partnership.

The partnership will involve the implementation and promotion of products based on blockchain technology to meet goals in the real sector of the economy and public administration.

Blockchain is a digital ledger in which business transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.

“We will design business cases to help clients achieve a variety of goals, assist in establishing financial and technical feasibility, and advise on various financial, legal and tax aspects of applications that businesses will use on the Universa platform.

"EY has already used the partnership model to meet clients’ goals around the world. We are happy that our partnership with Universa will expand our abilities to transform our clients’ business,” said Alexander Ivlev, EY Country Managing Partner for Russia.

“Blockchain technology has great potential in the economy, finance and business, and it will do a lot to save entrepreneurs time while also lowering costs.

"Consulting and strategic planning may be just what is needed to raise business’s awareness of the advantages of blockchain and build trust in technology,” noted Universa Blockchain Platform founder Alexander Borodich.

Norbit (part of the Lanit Group), a leading player on the Russian IT market, will be the technology partner responsible for implementation. The plan for Norbit is to provide technical expertise, help clients integrate blockchain technology into their existing infrastructure, launch full-scale solutions and then provide support and development assistance.

“Major world companies are already using blockchain technology in a variety of areas – from the management of financial documentation to trade in oil products. 

"In our judgment, the highest demand for blockchain in Russia will be in the public and banking sectors, where it is essential to ensure transparent interaction and protect data from tampering,” said Norbit’s technical director, Dmitry Demidov.