AEF: Blockchain technology

Blockchain technologies and crypto-currencies are the technologies of the future that will change the world. At the Astana Economic Forum, President of Kazakhstan Nursultan Nazarbayev identified global megatrends such as digital transformation that will change all aspects of human activities. The phenomenon of crypto-currencies requires active development of modern financial technologies. There are over 1,500 crypto-currencies existing in the world with new ones emerging every day.


 - Legacy systems as they sit today are based on disk operating system (DOS). And that’s going back to the 1980s in terms of technology. It’s very inefficient, it’s very slow. Even on Visa, MasterCard you’re transacting instantaneously but settlement actually takes place three to four business days post transaction. In the case of blockchain technology, right now you can have instantaneous settlement with actual transfer of funds within a period of up to 10 or 20 minutes. That’s massively more efficientү.

International experts on digital finance highlight that blockchain and crypto-currency is a broader concept than simply digital money. This system can be used in manufacturing and it is also useful for the circulation of goods and services. According to experts, data security is the main advantage of the unique technology.


 - Security protocols if it’s purely technological application, like, for example, insurance, identity management. For identity management for example, the Kazakhstan government could place all of their citizens’ identity on to the blockchain and then the primary consideration for that application is security because you don’t want hackers to come in and start stealing identity information from individual citizens. 

The total market value of crypto-currency is estimated at about US$300 billion. According to the World Economic Forum, 10 per cent of the world’s GDP which amounts to about US$10 trillion can be stored on blockchain technology by 2027.