Russia develops blockchain for stock registrars

Titan, a blockchain system for stock registrars, is being tested and will enter the market by early next year. The distributed ledger will allow registrars to unite and start exchanging documents and transfer agency services.

The system is being created by the software developer Eldis Soft. The customers of the blockchain include the professional association of registrars, transfer-agents and depositories PARTAD. The service will allow registrars to provide mutual transfer agency services. The exchange of documents will be recorded into the blockchain. The registrars who will choose to connect to the distributed ledger will have to purchase an annual license. 

The blockchain will allow creating a single network containing documents on each and every emitent. The system will operate by uniform rules and provide for receiving services on the basis of a unified price list. 

Titan will provide new opportunities for the registrar market, Eldis Soft director Nikolai Kolodeyev said during the project presentation at Russia’s Chamber of Commerce and Industry. The new system will unify not just technical resources but accounting institutions whose work is registered by a regulator. 

“We started developing the system two years ago; this year, we have tested it. Our blockchain has received positive feedback from registrars. We will complete the work on the product by the end of the year and will launch it in the market,” the developer noted.    

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