Integration of blockchain technology into the state order management system
Abstract. The state order management system, which was reformed in 2013, despite constant modernization with endless legislative patches, continues to be a cumbersome bureaucratic monster, unable to cope with the ever-increasing volume of tasks. In the modern technically developed world, solving discrete distribution problems through protocol commissions and paper reports is an atavism like bone abacus in the space flight control center. One of the tools for the development of digital management of the state order system is the integration of a new form of monetary circulation into the state economy - by means of a centralized register based on blockchain technology. The purpose of this research is to form a model for integrating digital financial assets into the system of ensuring state needs. An integral process of such integration should be the digital blockchain algorithm, expressed in smart contracts and provided with financial exchange processes through digital financial assets (digital ruble in the proposed case). The way proposed by the author of the study for the introduction of a system of centralized registers supporting the financial turnover of the digital ruble into the domestic financial infrastructure is a direct embodiment of the state`s policy on digitalization of state processes. The paper reveals shortcomings of the existing domestic legislation regarding the regulation of the management processes of the state order system. The concept of "digital financial assets", "digital ruble" is disclosed. An effective method is proposed to prevent the formation of economic risk factors through the corruption component in the execution of government contracts.
Keywords: digital financial assets, digital ruble, cryptocurrency, government order, blockchain, smart contracts
Highlights:
♦ the system of treasury support for the execution of government contracts needs to be modernized, replacing it with a system of centralized registers that support the financial turnover of the digital ruble;
♦ the state order management system needs to be upgraded by concluding government contracts only through smart contracts;
♦ all government settlements under government contracts have to be carried out exclusively through the digital currency of the central bank.
Viktor N. Terentyev, Volga State Technological University, Yoshkar-Ola, Russia