Active installation of blockchain technology by financial organizations is jeopardizing their own security and can even result to loss of control of crucial resources, reads the Positive Technologies (specializing on cyber security) report for Izvestiya.

According to analysts, half of pilot projects in banks and over 70% of smart contracts are vulnerable to hackers’ attacks. The fault is partially with the novelty of blockchain for the coders, which leads to a high number of mistakes in the codes.

Russian banks use blockchain in both testing and fully operated projects. For instance, Sberbank applies the distributed registry technology for off-exchangerepurchase agreement deals.

Alfa-Bank is promoting blockchain solutions for the transport (agency selling of airplane tickets, supply of aircraft fuel).

Meanwhile, the credit organizations surveyed by Izvestiya do not see significant risks in using blockchain, because currently most projects are piloted privately. However, they do admit that the technology is understudied and precedents of theft from the crypto exchanges prove its vulnerability.

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