At the turn of this millennium Russia stood before the behemoth task of rising from the ashes left behind by the chaotic 90's. Russia's seemingly endless natural resources and an accompanying rise...Show moreAt the turn of this millennium Russia stood before the behemoth task of rising from the ashes left behind by the chaotic 90's. Russia's seemingly endless natural resources and an accompanying rise in oil prices only go so far in its development. However, to gain relevance on the world stage beyond the constant military flexing and being an energy appendage to the upper echelon industrialised countries, it needs to produce marketable technologies and secure a spot among the greatest economies. At the end of the first decade a new paradigm in the way we transact information found prominence in the minds of the tech savvy, which turned into the explosive development of the Blockchain technology. This potentially revolutionary new technology has the characteristics to alter the social fabric in which old power structures become obsolete, but at the same time provide a golden opportunity for the relative young and unbound Russian IT sector to thrive and leave a global mark. The new generation technocrats plead for full scale adoption, regulation and development of this technology, but their older and politically more powerful Soviet rooted counter parts plead against the dangers of this shift in dynamics. In this work I looked at what the blockchain technology means for Russia and how the Russian authorities took a stance in adapting the technology.Show less
